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April 27, 2024 |
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| Home > Small Business Lenders by State > Delaware Business Loan Sources > Oakland, Business Loans > Innovative Bank Oakland Business Loans > Photography Studios, Portrait Loan | ||||
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How to Get a Small Business Loan from Innovative Bank
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Newark, Delaware Business Gets SBA-Guaranteed Funding from Innovative BankInnovative Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Delaware entrepreneur was able to get a loan to take a small business to the next level. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Newark, Delaware was able to borrow $11,000 from Innovative Bank. The SBA made the loan possible by guaranteeing $9,350 of this Delaware small business loan. SBA Loan Borrower COMPANY TYPE: PHOTOGRAPHY STUDIOS, PORTRAIT SBA Loan Lender INNOVATIVE BANK This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541921 - Photography Studios, Portrait Loan Approval Date 11/7/2003 Loan Approval Gross Amount $11,000 Loan Approval from the SBA Of the total $11,000 loan amount, the SBA guaranteed $9,350. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 1 new job and retain 1 existing job. Start the Process for Getting an SBA Loan Today! If you need money to start a business or need money for an existing business, an SBA loan can be a great way to raise money There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Find an SBA Lender in Oakland, California
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