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May 2, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Owings Mills, Business Loans > K Bank Owings Mills Business Loans > Management Services Loan | ||||
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Baltimore SBA Loan from K Bank
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Business Loan from K Bank Given to Management Services CompanyAn SBA loan from K Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Baltimore, Maryland business owner got a $75,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Baltimore, Maryland was able to borrow $75,000 from K Bank. The SBA made the loan possible by guaranteeing $56,250 of this Maryland small business loan. SBA Loan Borrower COMPANY TYPE: MANAGEMENT SERVICES SBA Loan Lender K BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8741 - Management Services NAICS Code 235210 - Painting and Wall Covering Loan Approval Date 9/27/2002 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $56,250. 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 11 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business If you need business start up money in Baltimore MD, you ought to talk with a local Baltimore SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Baltimore businesses. 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: Best Banks for Small Business in Owings Mills, Maryland SBA Participating Banks in Maryland
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