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May 2, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Fort Worth, Business Loans > Compass Bank Fort Worth Business Loans > Eating Places Loan | ||||
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Compass Bank Commercial Loans
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Loans for Full-Service RestaurantsLooking for loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $280,000 full-service restaurants loan was issued by a Texas bank. This small firm knew how to go about getting a business bank loan. Based in Flower Mound, Texas, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Compass Bank, based in Fort Worth, Texas. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender COMPASS 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 small business 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 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 4/17/2001 Loan Approval Gross Amount $280,000 Loan Approval from the SBA Of the total $280,000 loan amount, the SBA guaranteed $210,000. 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 45 employees. The loan application did not indicate that the small business planned to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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: Obtaining Funding - How to Decide How Much to Raise Good Banks for Small Business in Fort Worth, Texas
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