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November 15, 2024 |
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| Home > Small Business Lenders by State > Mississippi Business Loan Sources > Belzoni, Business Loans > Guaranty Bank & Trust Co. Belzoni Business Loans > Gasoline Service Stations Loan | ||||
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Mississippi Bank SBA Loans
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Guaranty Bank & Trust Co. SBA Loan to Gasoline Service Stations CompanyWant a Mississippi SBA loan? Here's one Mississippi business loan that was approved by the SBA. This up and coming company knew how to go about getting a business bank loan. Based in Belzoni, Mississippi, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Guaranty Bank & Trust Co., based in Belzoni, Mississippi. SBA Loan Borrower COMPANY TYPE: GASOLINE SERVICE STATIONS SBA Loan Lender GUARANTY BANK & TRUST CO. This was a Low Documentation SBA loan. The SBA created this program to reduce 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 5541 - Gasoline Service Stations Loan Approval Date 3/29/2000 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $80,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the business promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Guaranty Bank & Trust Co. had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Guaranty Bank & Trust Co. made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: SBA Banks in Belzoni, Mississippi
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