Community Bank Gives Bank Loan to General Automotive Repair Company

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

Getting a small business loan in Cleveland, Oklahoma was a top priority for this particular business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Community Bank. Here are the details on this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
CLEVELAND, OK 74020

SBA Loan Lender

COMMUNITY BANK
104 S MAIN
BRISTOW, OK 74010

This lender issued this particular SBA 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.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

9/25/2002

Loan Approval Gross Amount

$119,880

Loan Approval from the SBA

Of the total $119,880 loan amount, the SBA guaranteed $101,898.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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

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

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:

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SBA Approved Banks in Bristow, Oklahoma

Oklahoma SBA Banks