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May 2, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Chesterfield, Business Loans > Bank Midwest Chesterfield Business Loans > Support Services Loan | ||||
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How to Get SBA Loans in St. Louis, Missouri
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Support Services Bank LoansLooking for bank loans for support services? Try the SBA. This $150,000 support services loan was issued by a Missouri bank. This company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Bank Midwest, out of Chesterfield, Missouri. The loan was granted and they received $150,000 to help grow their St. Louis, Missouri business. SBA Loan Borrower COMPANY TYPE: SUPPORT SERVICES SBA Loan Lender BANK MIDWEST This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 561990 - Support Services Loan Approval Date 8/2/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 3 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: SBA Approved Banks in Chesterfield, Missouri SBA Participating Banks in Missouri
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