Entrepreneur Works With Duncan, Oklahoma Bank to Get an SBA Loan

Find Duncan, Oklahoma banks that specialize in SBA loans and know how to work with entrepreneurs. Legacy Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Duncan, Oklahoma starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Legacy Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE MECHANICAL AND ELECTRICAL REPAIR AND MAINTENANCE
DUNCAN, OK 73533

SBA Loan Lender

LEGACY BANK
1015 W MAIN ST
DUNCAN, OK 73533

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

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

5/10/2001

Loan Approval Gross Amount

$68,500

Loan Approval from the SBA

Of the total $68,500 loan amount, the SBA guaranteed $58,225.

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 4 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

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

Every year, the SBA guarantees over $10 billion for loans just like this one.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

SBIR Funding

SBA Approved Banks in Duncan, Oklahoma

Getting a Business Loan in Oklahoma