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May 16, 2024 |
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| Home > Small Business Lenders by State > Kentucky Business Loan Sources > Marion, Business Loans > Midcountry Bank Marion Business Loans > Automotive Parts And Accessories Stores Loan | ||||
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Midcountry Bank Small Business Paducah
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Midcountry Bank SBA Loan to Automotive Parts And Accessories Stores CompanyAn SBA loan from Midcountry Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Paducah, Kentucky business owner got a $140,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Paducah, Kentucky was able to borrow $140,000 from Midcountry Bank. The SBA made the loan possible by guaranteeing $119,000 of this Kentucky small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE PARTS AND ACCESSORIES STORES SBA Loan Lender MIDCOUNTRY BANK This lender issued this particular SBA business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 441310 - Automotive Parts and Accessories Stores Loan Approval Date 12/7/2004 Loan Approval Gross Amount $140,000 Loan Approval from the SBA Of the total $140,000 loan amount, the SBA guaranteed $119,000. 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 only one employee. The loan application did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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:
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