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May 19, 2024 |
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| Home > Small Business Lenders by State > Kentucky Business Loan Sources > Louisa, Business Loans > Peoples Security Bank Louisa Business Loans > Top And Body Repair And Paint Shops Loan | ||||
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Kentucky Bank SBA Loans
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Louisa, Kentucky Lender Lends Money to Top And Body Repair And Paint Shops CompanyGet to know Louisa, Kentucky banks that specialize in business loans and know how to work with entrepreneurs. Peoples Security Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Louisa, Kentucky starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Peoples Security Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: TOP AND BODY REPAIR AND PAINT SHOPS SBA Loan Lender PEOPLES SECURITY BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7532 - Top and Body Repair and Paint Shops NAICS Code 811121 - Automotive Body, Paint, and Interior Repair and Maintenance Loan Approval Date 9/11/2001 Loan Approval Gross Amount $60,000 Loan Approval from the SBA Of the total $60,000 loan amount, the SBA guaranteed $51,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Peoples Security Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Role of Business Plan When Raising Money SBA 7A Banks in Louisa, Kentucky Getting an SBA Loan in Kentucky
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