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April 25, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Fort Myers, Business Loans > Busey Bank Fort Myers Business Loans > Electrical And Electronic Repair Shops Loan | ||||
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SBA Lenders in North Port
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Busey Bank SBA Loan to Electrical And Electronic Repair Shops CompanyBusey Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Florida entrepreneur was able to get a loan to take a small business to the next level. This business knew how to go about getting a business bank loan. Based in North Port, Florida, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Busey Bank, based in Fort Myers, Florida. SBA Loan Borrower COMPANY TYPE: ELECTRICAL AND ELECTRONIC REPAIR SHOPS SBA Loan Lender BUSEY BANK This lender issued this particular 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. SIC Code 7629 - Electrical and Electronic Repair Shops NAICS Code 811412 - Appliance Repair and Maintenance Loan Approval Date 7/7/2003 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. 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 Fort Myers, Florida
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