Mckeesport, Pennsylvania Entrepreneur Gets a Bank Loan
Business loans in Pennsylvania are hard to find these days. We take a look at one Pennsylvania business loan, provided by a Pennsylvania bank, that was approved by the SBA.
You can learn something about getting a small business loan in Mckeesport, Pennsylvania by studying this loan to a local business, made back in 2002. Banks like Dollar Bank A Fed. Savings Bk may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: CHILD DAY CARE SERVICES
MCKEESPORT, PA 15132
SBA Loan Lender
DOLLAR BANK A FED. SAVINGS BK
THREE GATEWAY CTR-1 EAST
PITTSBURGH, PA 15222
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
8351 - Child Day Care Services
624410 - Child Day Care Services
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $102,000 loan amount, the SBA guaranteed $86,700.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had 2 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to hire new 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.
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