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May 17, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Eagle Lake, Business Loans > 1st National Bank - Eagle Lake Eagle Lake Business Loans > Fuel Dealers Loan | ||||
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Wharton, Texas Bank Loan
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Wharton, Texas Entrepreneur Gets an SBA LoanTexasBusiness loans are available to Texas business owners through the SBA. In this case, a Texas bank provides the loan. Getting a small business loan in Wharton, Texas was a top priority for this SBA-financed company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from 1st National Bank - Eagle Lake. Here are the details on this Texas small business loan. SBA Loan Borrower COMPANY TYPE: FUEL DEALERS SBA Loan Lender 1ST NATIONAL BANK - EAGLE LAKE 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 commercial 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 454319 - Fuel Dealers Loan Approval Date 4/25/2006 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. 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 small business promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan 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. Related Links: Raising VC Money for Social Networking Companies SBA 7A Banks in Eagle Lake, Texas
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