Mississippi Business Loan Issued to Service Industry Machinery Company

MississippiBusiness loans are available to Mississippi business owners through the SBA. In this case, a Mississippi bank provides the loan.

This small business, based in Greenwood, Mississippi, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from State Bank & Trust Company. We've got the inside scoop on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: SERVICE INDUSTRY MACHINERY
GREENWOOD, MS 38930

SBA Loan Lender

STATE BANK & TRUST COMPANY
1305 W MONROE AVE
GREENWOOD, MS 38930

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.

SIC Code

3589 - Service Industry Machinery

NAICS Code

333319 - Commercial and Service Industry Machinery Manufacturing

Loan Approval Date

3/24/2000

Loan Approval Gross Amount

$97,654

Loan Approval from the SBA

Of the total $97,654 loan amount, the SBA guaranteed $78,123.

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 only one employee. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Small Business Credit Cards

SBA Participating Banks in Greenwood, Mississippi

Browse All Business Loan Sources for Mississippi