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April 25, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Fort Myers, Business Loans > First American Bank Fort Myers Business Loans > Petroleum And Petroleum Products Merchant Wholesalers Loan | ||||
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Business Loans for Des Moines Small Businesses
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Petroleum and Petroleum Products Merchant Wholesalers Small Business LoansWith these small business loans for petroleum and petroleum products merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This petroleum and petroleum products merchant wholesalers loan for $500,000 was given to an Iowa entrepreneur in 2005. This small firm received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with First American Bank, out of Fort Myers, Florida. The loan was granted and they received $500,000 to help grow their Des Moines, Iowa business. SBA Loan Borrower COMPANY TYPE: PETROLEUM AND PETROLEUM PRODUCTS MERCHANT WHOLESALERS SBA Loan Lender FIRST AMERICAN BANK This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 424720 - Petroleum and Petroleum Products Merchant Wholesalers Loan Approval Date 6/8/2005 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. 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 18 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business If you have been wondering how do i get money to start a business in Des Moines IA, you ought to talk with a local Des Moines SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Des Moines 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: Borrowing Money from Friends and Family Small Business Banks in Fort Myers, Florida
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