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May 6, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Saint Louis, Business Loans > National City Bank Saint Louis Business Loans > Eating Places Loan | ||||
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Getting a Business Loan in St. Louis, Missouri
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National City Bank Gives SBA Loan to Eating Places CompanySmall business loans in Missouri are are few and far betweeen these days. We take a look at one Missouri small business loan, provided by a Missouri bank, that was approved by the SBA. Getting a small business loan in St. Louis, Missouri was a top priority for this small company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from National City Bank. Here are the details on this Missouri small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender NATIONAL CITY BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 3/7/2001 Loan Approval Gross Amount $10,000 Loan Approval from the SBA Of the total $10,000 loan amount, the SBA guaranteed $8,500. More Information on This SBA Loan The borrower borrowed this money for a new 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. The loan application did not indicate that the small business planned to use the loan proceeds to add 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. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into National City Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Role of Business Plan When Raising Money SBA Banks in Saint Louis, Missouri
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