Local Business Gets an Arkansas SBA Loan

Business loans in Arkansas are are few and far betweeen these days. We take a look at one Arkansas business loan, provided by an Arkansas bank, that was approved by the SBA.

This company, based in Cabot, Arkansas, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from U.S. Bank National Association. We've got the inside scoop on this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: PERSONAL SERVICES
CABOT, AR 72023

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
ONE RIVERFRONT PL
NORTH LITTLE ROCK, AR 72114

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.

SIC Code

7299 - Personal Services

Loan Approval Date

3/27/2000

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $16,000.

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 2 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are working on finding money to start a business in Cabot AR, you ought to talk with a local Cabot SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cabot businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like U.S. Bank National Association 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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