First Bank SBA Loan to Eating Places Company

Want a Mississippi small business loan? Here's one Mississippi business loan that was approved by the SBA.

This up and coming company knew how to go about getting a business bank loan. Based in Brookhaven, Mississippi, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was First Bank, based in Brookhaven, Mississippi.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
BROOKHAVEN, MS 39601

SBA Loan Lender

FIRST BANK
750 BROOKWAY BLVD
BROOKHAVEN, MS 39601

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

3/29/2000

Loan Approval Gross Amount

$49,550

Loan Approval from the SBA

Of the total $49,550 loan amount, the SBA guaranteed $39,640.

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 7 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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