Business Loan from First State Bank Given to Full-Service Restaurants Company

First State Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Oklahoma entrepreneur who tapped into the power of SBA loans.

This growing company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with First State Bank, out of Grandfield, Oklahoma. The loan was granted and they received $104,491 to help grow their Grandfield, Oklahoma business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
GRANDFIELD, OK 73546

SBA Loan Lender

FIRST STATE BANK
120 E 1ST
GRANDFIELD, OK 73546

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

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/11/2006

Loan Approval Gross Amount

$104,491

Loan Approval from the SBA

Of the total $104,491 loan amount, the SBA guaranteed $88,817.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 raising money in Grandfield OK, you ought to talk with a local Grandfield SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Grandfield businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First State Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Choosing VC Firms

Find an SBA Lender in Grandfield, Oklahoma

Getting an SBA Loan in Oklahoma