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November 14, 2024 |
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| Home > Small Business Lenders by State > Mississippi Business Loan Sources > Gulfport, Business Loans > Hancock Bank Gulfport Business Loans > Full-Service Restaurants Loan | ||||
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Small Business Banks for Bay St Louis, Mississippi Entrepreneurs
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Getting an SBA Loan for Full-Service RestaurantsLooking for business loans for full-service restaurants? Try the SBA. This $240,000 full-service restaurants loan was issued by a Mississippi bank. This business knew how to go about getting a business bank loan. Based in Bay St Louis, Mississippi, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Hancock Bank, based in Gulfport, Mississippi. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender HANCOCK BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 7/9/2004 Loan Approval Gross Amount $240,000 Loan Approval from the SBA Of the total $240,000 loan amount, the SBA guaranteed $120,000. 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 20 employees. The loan application indicated that the loan would help retain 20 existing jobs. 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 Hancock 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: Best Banks for Small Business in Gulfport, Mississippi
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