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April 18, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Richmond, Business Loans > Business Loan Center, LLC Richmond Business Loans > Wood Kitchen Cabinets Loan | ||||
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SBA Lenders Virginia
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Entrepreneur Works With Richmond, Virginia Bank to Get an SBA LoanWant to talk with a Richmond, Virginia bank about an SBA loan? Here's one Alabama business loan, issued by a Richmond bank, that was approved by the SBA. Applying for an SBA loan with Business Loan Center, LLC worked out well for our friends at one local company in Hueytown, Alabama. They got an SBA loan for $487,000. Awesome! SBA Loan Borrower COMPANY TYPE: WOOD KITCHEN CABINETS SBA Loan Lender BUSINESS LOAN CENTER, LLC When it made this small business loan, the lender participated in the SBA's Certified Lenders Program (CLP). This program was created to provide expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 2434 - Wood Kitchen Cabinets NAICS Code 337110 - Wood Kitchen Cabinet and Countertop Manufacturing Loan Approval Date 1/4/2001 Loan Approval Gross Amount $487,000 Loan Approval from the SBA Of the total $487,000 loan amount, the SBA guaranteed $365,250. 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 15 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: SBA 7A Banks for Richmond, Virginia Loans Find an SBA Lender in Virginia
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