Business Loan from People's Bank & Trust - Pickett Given to Plumbing, Heating, And Air-Conditioning Company

People's Bank & Trust - Pickett is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Kentucky entrepreneur who tapped into the power of SBA loans.

This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with People's Bank & Trust - Pickett, out of Byrdstown, Tennessee. The loan was granted and they received $124,083 to help grow their Albany, Kentucky business.

SBA Loan Borrower

COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING
ALBANY, KY 42602

SBA Loan Lender

PEOPLE'S BANK & TRUST - PICKETT
19 COURT HOUSE SQ
BYRDSTOWN, TN 38549

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1711 - Plumbing, Heating, and Air-Conditioning

NAICS Code

235710 - Concrete Contractors

Loan Approval Date

4/24/2002

Loan Approval Gross Amount

$124,083

Loan Approval from the SBA

Of the total $124,083 loan amount, the SBA guaranteed $105,470.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels 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.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Obtaining Funding - How to Borrow Money

SBA Approved Banks in Byrdstown, Tennessee

Getting an SBA Loan in Tennessee