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May 16, 2024 |
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| Home > Small Business Lenders by State > Idaho Business Loan Sources > Coeur D'Alene, Business Loans > Sterling Savings Bank Coeur D'Alene Business Loans > Machine Shops Loan | ||||
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Idaho Small Business Funding
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Where to Get Capital for Machine ShopsWith these SBA loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $143,000 was given to an Idaho entrepreneur in 2001. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Coeur D'Alene, Idaho was able to borrow $143,000 from Sterling Savings Bank. The SBA made the loan possible by guaranteeing $121,550 of this Idaho small business loan. SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender STERLING SAVINGS BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 332710 - Machine Shops Loan Approval Date 7/18/2001 Loan Approval Gross Amount $143,000 Loan Approval from the SBA Of the total $143,000 loan amount, the SBA guaranteed $121,550. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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: Small Business Banks in Coeur D'Alene, Idaho
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