Mount Sterling, Kentucky Bank Gives SBA Loan to Grocery Stores Company

Thinking about meeting with a Mount Sterling, Kentucky bank about a business loan? Here's one Kentucky business loan, issued by a Mount Sterling bank, that was approved by the SBA.

Applying for an SBA loan with Traditional Bank, Inc. worked out well for our friends at one local firm in Frenchburg, Kentucky. They got an SBA loan for $610,000. Nice!

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
FRENCHBURG, KY 40322

SBA Loan Lender

TRADITIONAL BANK, INC.
49 W MAIN ST
MOUNT STERLING, KY 40353

This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

10/5/2004

Loan Approval Gross Amount

$610,000

Loan Approval from the SBA

Of the total $610,000 loan amount, the SBA guaranteed $457,500.

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 13 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Traditional Bank, Inc. had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Traditional Bank, Inc. made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Dealing With Venture Capitalists

SBA 7A Banks for Mount Sterling, Kentucky Loans

Kentucky SBA 7A Lenders