Business Loan from First Texoma National Bank Given to Farm And Garden Machinery And Equipment Merchant Wholesalers Company

First Texoma National Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Oklahoma entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Durant, Oklahoma was an essential business goal for this firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Texoma National Bank, operating out of Durant, Oklahoma. Here are the details on this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: FARM AND GARDEN MACHINERY AND EQUIPMENT MERCHANT WHOLESALERS
DURANT, OK 74701

SBA Loan Lender

FIRST TEXOMA NATIONAL BANK
220 W MAIN ST
DURANT, OK 74701

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

423820 - Farm and Garden Machinery and Equipment Merchant Wholesalers

Loan Approval Date

5/26/2004

Loan Approval Gross Amount

$53,000

Loan Approval from the SBA

Of the total $53,000 loan amount, the SBA guaranteed $45,050.

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 7 employees. The loan application did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $53,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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