Edmond, Oklahoma Entrepreneur Gets a Business Loan

Bank loans in Oklahoma are tough to come by these days. We take a look at one Oklahoma bank loan, provided by an Oklahoma bank, that was approved by the SBA.

By giving the right information to Bancfirst, this Edmond, Oklahoma business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
EDMOND, OK 73034

SBA Loan Lender

BANCFIRST
101 N BROADWAY, STE 1050
OKLAHOMA CITY, OK 73102

This bank loan was financed by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA delivers a quick answer on whether the loan qualifies.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

Loan Approval Date

9/19/2000

Loan Approval Gross Amount

$593,000

Loan Approval from the SBA

Of the total $593,000 loan amount, the SBA guaranteed $444,750.

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

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Edmond OK, you ought to talk with a local Edmond SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Edmond businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bancfirst 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.

Related Links:

How to Raise Money

Small Business Banks in Oklahoma City, Oklahoma

Getting an SBA Loan in Oklahoma