Business Loan from Summit Bank Given to Retail Stores Company

An SBA loan from Summit Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Hot Springs, Arkansas business owner got a $25,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hot Springs, Arkansas was able to borrow $25,000 from Summit Bank. The SBA made the loan possible by guaranteeing $20,000 of this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
HOT SPRINGS, AR 71901

SBA Loan Lender

SUMMIT BANK
401 SECTION LINE RD
HOT SPRINGS, AR 71913

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

5999 - Retail Stores

Loan Approval Date

8/22/2000

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $20,000.

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 2 employees. The SBA loan documents did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Summit Bank and they will explain how you can get an SBA loan for your company.

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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SBA Approved Banks in Hot Springs, Arkansas

SBA Participating Banks in Arkansas