Financing for Wood Kitchen Cabinet and Countertop Manufacturing
Looking for commercial loans for wood kitchen cabinet and countertop manufacturing? The SBA may be the answer. This $48,500 wood kitchen cabinet and countertop manufacturing loan was issued by a Texas bank.
This business knew how to go about getting a business bank loan. Based in Abilene, Texas, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was American State Bank, based in Abilene, Texas.
SBA Loan Borrower
COMPANY TYPE: WOOD KITCHEN CABINETS
ABILENE, TX 79601
SBA Loan Lender
AMERICAN STATE BANK
815 N JUDGE ELY BLVD
ABILENE, TX 79601
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.
2434 - Wood Kitchen Cabinets
337110 - Wood Kitchen Cabinet and Countertop Manufacturing
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $48,500 loan amount, the SBA guaranteed $38,800.
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 3 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
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.
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.
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