SBA Loan from Colorado East Bank & Trust Helps Florists Company
Colorado East Bank & Trust and the SBA work together to get business loans for growing small businesses. Here's an example of how a Kansas entrepreneur was able to get a loan to take a small business to the next level.
This small firm knew how to go about getting a business bank loan. Based in Tribune, Kansas, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Colorado East Bank & Trust, based in Tribune, Kansas.
SBA Loan Borrower
COMPANY TYPE: FLORISTS
TRIBUNE, KS 67879
SBA Loan Lender
COLORADO EAST BANK & TRUST
423 BROADWAY
TRIBUNE, KS 67879
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
453110 - Florists
Loan Approval Date
8/26/2003
Loan Approval Gross Amount
$19,200
Loan Approval from the SBA
Of the total $19,200 loan amount, the SBA guaranteed $16,320.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 6 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans provide money to small business owners for working capital for other expenses.
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:
Equity Financing
Find an SBA Lender in Tribune, Kansas
Getting a Business Loan in Kansas