Loan Census Banking News and Information
November 14, 2024  
 
 
  Business Loan Information  
 

Bay St. Louis, Mississippi Bank Loan

 

 
Loan Census SBA Loan Info

How to Get a Loan for Landscaping Services

With these business loans for landscaping services, the SBA guarantees the lender that the loan will be repaid. This landscaping services loan for $100,000 was given to a Mississippi entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bay St. Louis, Mississippi was able to borrow $100,000 from Bancorpsouth Bank. The SBA made the loan possible by guaranteeing $85,000 of this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: LAWN AND GARDEN SERVICES
BAY ST. LOUIS, MS 39520

SBA Loan Lender

BANCORPSOUTH BANK
2909 13TH ST
GULFPORT, MS 39501

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0782 - Lawn and Garden Services

NAICS Code

561730 - Landscaping Services

Loan Approval Date

7/17/2001

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 6 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Although it's called an SBA loan, you 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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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