Broken Arrow, Oklahoma Business Gets SBA-Guaranteed Funding from 1st National Bank & Trust - Broken
1st National Bank & Trust - Broken and the SBA work together to get business loans for growing small businesses. Here's an example of how an Oklahoma entrepreneur was able to get a loan to take a small business to the next level.
This business knew how to go about getting a business bank loan. Based in Broken Arrow, Oklahoma, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was 1st National Bank & Trust - Broken, based in Broken Arrow, Oklahoma.
SBA Loan Borrower
COMPANY TYPE: COMMERCIAL SCREEN PRINTING
BROKEN ARROW, OK 74012
SBA Loan Lender
1ST NATIONAL BANK & TRUST - BROKEN
121 S MAIN
BROKEN ARROW, OK 74012
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
323113 - Commercial Screen Printing
Loan Approval Date
5/6/2002
Loan Approval Gross Amount
$81,900
Loan Approval from the SBA
Of the total $81,900 loan amount, the SBA guaranteed $69,615.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had 7 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
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
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.
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