Growing Company Gets an Arkansas Bank Loan

Bank loans in Arkansas are are few and far betweeen these days. We take a look at one Arkansas bank loan, provided by an Arkansas bank, that was approved by the SBA.

You can learn something about getting a small business loan in Hope, Arkansas by studying this loan to a local company, made back in 2002. Banks like First National Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: LOCKSMITHS
HOPE, AR 71801

SBA Loan Lender

FIRST NATIONAL BANK
200 E THIRD ST
HOPE, AR 71801

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561622 - Locksmiths

Loan Approval Date

5/2/2002

Loan Approval Gross Amount

$40,500

Loan Approval from the SBA

Of the total $40,500 loan amount, the SBA guaranteed $34,425.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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 National 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:

Obtaining Funding - Friends and Family

SBA Participating Banks in Hope, Arkansas

Arkansas SBA 7A Lenders