Crestview Hills, Kentucky Bank Gives SBA Loan to Animal Specialty Services Company

Get to know Crestview Hills, Kentucky banks that specialize in business loans and know how to work with entrepreneurs. The Bank Of Kentucky, Inc is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Verona, Kentucky starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from The Bank Of Kentucky, Inc. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: ANIMAL SPECIALTY SERVICES
VERONA, KY 41092

SBA Loan Lender

THE BANK OF KENTUCKY, INC
111 LOOKOUT FARM DR
CRESTVIEW HILLS, KY 41017

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0752 - Animal Specialty Services

NAICS Code

115210 - Support Activities for Animal Production

Loan Approval Date

3/23/2004

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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.

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