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April 25, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Gainesville, Business Loans > Merchants & Southern Bank Gainesville Business Loans > Cut Stone And Stone Product Manufacturing Loan | ||||
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Merchants & Southern Bank
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SBA Loan from Merchants & Southern Bank Helps Cut Stone And Stone Product Manufacturing CompanyAn SBA loan from Merchants & Southern Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Starke, Florida business owner got a $107,000 loan. This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Merchants & Southern Bank, out of Gainesville, Florida. The loan was granted and they received $107,000 to help grow their Starke, Florida business. SBA Loan Borrower COMPANY TYPE: CUT STONE AND STONE PRODUCT MANUFACTURING SBA Loan Lender MERCHANTS & SOUTHERN BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA bank loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 327991 - Cut Stone and Stone Product Manufacturing Loan Approval Date 11/5/2003 Loan Approval Gross Amount $107,000 Loan Approval from the SBA Of the total $107,000 loan amount, the SBA guaranteed $90,950. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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 Merchants & Southern 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: Small Business Banks in Gainesville, Florida Getting an SBA Loan in Florida
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