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May 15, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Mcallen, Business Loans > Texas State Bank Mcallen Business Loans > Crop Preparation Service For Market Loan | ||||
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Business Loan from Texas State Bank
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Mcallen, Texas Business Gets SBA-Guaranteed Funding from Texas State BankTexas State Bank has a track record as a leading provider of SBA loans. Find out how this Texas entrepreneur received an SBA loan from them. This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Texas State Bank, out of Mcallen, Texas. The loan was granted and they received $750,000 to help grow their Mcallen, Texas business. SBA Loan Borrower COMPANY TYPE: CROP PREPARATION SERVICE FOR MARKET SBA Loan Lender TEXAS STATE 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 bank loans to to our country's hard-working small business owners. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 0723 - Crop Preparation Service for Market NAICS Code 422480 - Fresh Fruit and Vegetable Wholesalers Loan Approval Date 11/3/2000 Loan Approval Gross Amount $750,000 Loan Approval from the SBA Of the total $750,000 loan amount, the SBA guaranteed $525,000. 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 98 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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: Who Lends Money to Small Businesses in Mcallen, Texas
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