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November 21, 2024 |
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| Home > Small Business Lenders by State > Oklahoma Business Loan Sources > Broken Arrow, Business Loans > 1st National Bank & Trust - Broken Broken Arrow Business Loans > Durable Goods Merchant Wholesalers Loan | ||||
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Raising Money in Broken Arrow, Oklahoma With SBA Loans
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Company Gets an Oklahoma Small Business LoanLooking to get an Oklahoma SBA loan? This Oklahoma entrepreneur got an SBA loan, provided by an Oklahoma bank that works with the SBA to help small business owners. You can learn something about getting a small business loan in Broken Arrow, Oklahoma by studying this loan to a local business, made back in 2007. Banks like 1st National Bank & Trust - Broken may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: DURABLE GOODS MERCHANT WHOLESALERS SBA Loan Lender 1ST NATIONAL BANK & TRUST - BROKEN This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 423990 - Durable Goods Merchant Wholesalers Loan Approval Date 6/27/2007 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $75,000. 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 8 employees. The loan application indicated that the loan would help retain 8 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Although it's called an SBA loan, you 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. 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: Banking Deregulation's Effects on Entrepreneurship SBA 7A Lenders in Broken Arrow, Oklahoma Getting an SBA Loan in Oklahoma
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