Gulfport, Mississippi Business Gets SBA-Guaranteed Funding from Whitney National Bank

Whitney National Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Mississippi entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Gulfport, Mississippi was an essential business goal for this firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Whitney National Bank, operating out of New Orleans, Louisiana. Here are the details on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: RETAIL BAKERIES
GULFPORT, MS 39503

SBA Loan Lender

WHITNEY NATIONAL BANK
228 ST. CHARLES AVE
NEW ORLEANS, LA 70130

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5461 - Retail Bakeries

NAICS Code

445291 - Baked Goods Stores

Loan Approval Date

10/14/2003

Loan Approval Gross Amount

$94,335

Loan Approval from the SBA

Of the total $94,335 loan amount, the SBA guaranteed $80,184.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

We can help you find the best banks for small businesses in Gulfport or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Business Credit Evaluation

SBA Banks in New Orleans, Louisiana

SBA Louisiana Lenders