Getting an SBA Loan for Data Processing Services

Looking for commercial loans for data processing services? Talk to a banker who works with the SBA. This $115,000 data processing services loan was issued by an Oklahoma bank.

Getting a small business loan in Fort Smith, Arkansas was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First National Bank, Sallisaw, operating out of Roland, Oklahoma. Here are the details on this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: DATA PROCESSING SERVICES
FORT SMITH, AR 72901

SBA Loan Lender

FIRST NATIONAL BANK, SALLISAW
100 E RAY FINE BLVD
ROLAND, OK 74954

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

514210 - Data Processing Services

Loan Approval Date

3/19/2003

Loan Approval Gross Amount

$115,000

Loan Approval from the SBA

Of the total $115,000 loan amount, the SBA guaranteed $97,750.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 7 employees. This SBA loan request did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First National Bank, Sallisaw 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:

Realistic Debt Financing Options

SBA 7A Banks in Roland, Oklahoma

Oklahoma SBA 7A Lenders