Business Loan from Hope Community Cu Given to General Merchandise Stores Company

An SBA loan from Hope Community Cu typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Brinkley, Arkansas business owner got a $100,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Brinkley, Arkansas was able to borrow $100,000 from Hope Community Cu. The SBA made the loan possible by guaranteeing $85,000 of this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL MERCHANDISE STORES
BRINKLEY, AR 72021

SBA Loan Lender

HOPE COMMUNITY CU
4 OLD RIVER PLACE, STE A
JACKSON, MS 39202

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

12/8/2004

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 a new 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 promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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 Incubators

SBA Approved Banks in Jackson, Mississippi

Mississippi SBA Bank Lenders