Business Loan from Hancock Bank Given to Automotive Repair Shops Company

Hancock Bank has a track record as a leading provider of SBA loans. Find out how this Mississippi entrepreneur received an SBA loan from them.

This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Hancock Bank, out of Gulfport, Mississippi. The loan was granted and they received $125,000 to help grow their Gulfport, Mississippi business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS
GULFPORT, MS 39507

SBA Loan Lender

HANCOCK BANK
2510 14TH ST
GULFPORT, MS 39501

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

7539 - Automotive Repair Shops

NAICS Code

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

8/14/2000

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $93,750.

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 5 employees. The loan application did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you want money for new small business in Gulfport MS, you ought to talk with a local Gulfport SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Gulfport businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $125,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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.

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