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May 8, 2024 |
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| Home > Small Business Lenders by State > Idaho Business Loan Sources > Boise, Business Loans > Syringa Bank Boise Business Loans > Baked Goods Stores Loan | ||||
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Small Business Banks That Lend to Idaho Business Owners
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Idaho Bank Loan Issued to Baked Goods Stores CompanyWould an Idaho bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Idaho bank, which offers SBA loans to Idaho entrepreneurs. By giving the right information to Syringa Bank, this Meridian, Idaho business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: BAKED GOODS STORES SBA Loan Lender SYRINGA BANK This lender issued this particular loan for a small business 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 445291 - Baked Goods Stores Loan Approval Date 7/29/2005 Loan Approval Gross Amount $51,300 Loan Approval from the SBA Of the total $51,300 loan amount, the SBA guaranteed $43,605. 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 loan application did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: Best Boise, Idaho Banks for Small Business
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