Midcountry Bank SBA Loan to Sporting Goods Stores Company

An SBA loan from Midcountry Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Boaz, Kentucky business owner got a $144,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Midcountry Bank, out of Marion, Illinois. The loan was granted and they received $144,000 to help grow their Boaz, Kentucky business.

SBA Loan Borrower

COMPANY TYPE: SPORTING GOODS STORES
BOAZ, KY 42027

SBA Loan Lender

MIDCOUNTRY BANK
2611 BLUE HERON DR
MARION, IL 62959

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

451110 - Sporting Goods Stores

Loan Approval Date

9/20/2005

Loan Approval Gross Amount

$144,000

Loan Approval from the SBA

Of the total $144,000 loan amount, the SBA guaranteed $122,400.

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 4 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money

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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