Loan Census Banking News and Information
September 28, 2021  
 
 
  Business Loan Information  
 

Red Oak, Texas SBA 7A Banks

 

 
Loan Census SBA Loan Info

Entrepreneur Works With Red Oak, Texas Bank to Get an SBA Loan

Get small business loans from a Red Oak, Texas bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too.

Citizens National Bank - Texas is a Red Oak, Texas small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Texas company.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
ITALY, TX 76651

SBA Loan Lender

CITIZENS NATIONAL BANK - TEXAS
102 HARRIS AVE
RED OAK, TX 75154

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/5/2002

Loan Approval Gross Amount

$16,700

Loan Approval from the SBA

Of the total $16,700 loan amount, the SBA guaranteed $14,195.

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 5 employees. This SBA loan request did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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:

Business Incubators

Good Banks for Small Business in Red Oak, Texas

Find an SBA Lender in Texas