Hancock Bank SBA Loan to Plumbing, Heating, And Air-Conditioning Contractors Company
Hancock Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Mississippi entrepreneur was able to get a loan to take a small business to the next level.
This small firm knew how to go about getting a business bank loan. Based in Biloxi, Mississippi, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Hancock Bank, based in Gulfport, Mississippi.
SBA Loan Borrower
COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING CONTRACTORS
BILOXI, MS 39532
SBA Loan Lender
HANCOCK BANK
2510 14TH ST
GULFPORT, MS 39501
The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide debt financing 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
238220 - Plumbing, Heating, and Air-Conditioning Contractors
Loan Approval Date
4/24/2007
Loan Approval Gross Amount
$123,000
Loan Approval from the SBA
Of the total $123,000 loan amount, the SBA guaranteed $104,550.
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 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 existing jobs.
Start the Process for Getting an SBA Loan Today!
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
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:
Business Cash Advances
SBA Banks in Gulfport, Mississippi
Getting an SBA Loan in Mississippi