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May 18, 2024 |
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| Home > Small Business Lenders by State > Nevada Business Loan Sources > Reno, Business Loans > Colonial Bank Reno Business Loans > Coal And Other Minerals And Ores Loan | ||||
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Colonial Bank Loans
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Raising Money for Coal and Mineral and Ore WholesalersWith these business loans for coal and mineral and ore wholesalers, the SBA guarantees the lender that the loan will be repaid. This coal and mineral and ore wholesalers loan for $31,000 was given to a Nevada entrepreneur in 2000. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Reno, Nevada was able to borrow $31,000 from Colonial Bank. The SBA made the loan possible by guaranteeing $24,800 of this Nevada small business loan. SBA Loan Borrower COMPANY TYPE: COAL AND OTHER MINERALS AND ORES SBA Loan Lender COLONIAL BANK This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program requires 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 5052 - Coal and Other Minerals and Ores NAICS Code 421520 - Coal and Mineral and Ore Wholesalers Loan Approval Date 2/9/2000 Loan Approval Gross Amount $31,000 Loan Approval from the SBA Of the total $31,000 loan amount, the SBA guaranteed $24,800. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the business promised to use the funding to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Colonial Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: SBA Participating Banks in Reno, Nevada
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