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May 18, 2024 |
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| Home > Small Business Lenders by State > Montana Business Loan Sources > Billings, Business Loans > First Cit. Bank - Billings Billings Business Loans > General Contractors-Industrial Buildings, Warehous Loan | ||||
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Montana Bank SBA Loans
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First Cit. Bank - Billings SBA Loan to General Contractors-Industrial Buildings, Warehous CompanyLooking to get a Montana SBA loan? Here's one Montana business loan that was approved by the SBA. This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with First Cit. Bank - Billings, out of Billings, Montana. The loan was granted and they received $40,000 to help grow their Laurel, Montana business. SBA Loan Borrower COMPANY TYPE: GENERAL CONTRACTORS-INDUSTRIAL BUILDINGS, WAREHOUS SBA Loan Lender FIRST CIT. BANK - BILLINGS 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 is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1541 - General Contractors-Industrial Buildings, Warehous Loan Approval Date 1/24/2000 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $32,000. 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 3 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business If you need money to start a small business or need money for an existing business, an SBA loan can be a great way to raise money 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: Find an SBA Lender in Billings, Montana Where to Get an SBA Loan Montana
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