First National Bank SBA Loan to Cotton Ginning Company

An SBA loan from First National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Floydada, Texas business owner got a $345,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Floydada, Texas was able to borrow $345,000 from First National Bank. The SBA made the loan possible by guaranteeing $258,750 of this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: COTTON GINNING
FLOYDADA, TX 79235

SBA Loan Lender

FIRST NATIONAL BANK
124 S MAIN
FLOYDADA, TX 79235

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0724 - Cotton Ginning

NAICS Code

115111 - Cotton Ginning

Loan Approval Date

7/1/2004

Loan Approval Gross Amount

$345,000

Loan Approval from the SBA

Of the total $345,000 loan amount, the SBA guaranteed $258,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Obtaining Funding - How to Borrow Money

Good Banks for Small Business in Floydada, Texas

Texas SBA 7A Banks