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May 12, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Merkel, Business Loans > Citibank Merkel Business Loans > Commercial And Service Industry Machinery Manufacturing Loan | ||||
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Merkel Bank Loan
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Merkel, Texas Bank Gives SBA Loan to Commercial And Service Industry Machinery Manufacturing CompanyWant to talk with a Merkel, Texas bank about a business loan? Here's one Texas business loan, issued by a Merkel bank, that was approved by the SBA. Applying for an SBA loan with Citibank worked out well for our friends at one local firm in Tye, Texas. They got an SBA loan for $120,000. Awesome! SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND SERVICE INDUSTRY MACHINERY MANUFACTURING SBA Loan Lender CITIBANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333319 - Commercial and Service Industry Machinery Manufacturing Loan Approval Date 8/21/2003 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. 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 Citibank 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: Who Lends Money to Small Businesses in Merkel, Texas
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