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December 19, 2024 |
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| Home > Small Business Lenders by State > Arkansas Business Loan Sources > Arkadelphia, Business Loans > Elk Horn Bank & Trust Company Arkadelphia Business Loans > Wood Product Manufacturing Loan | ||||
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Elk Horn Bank & Trust Company SBA Loan
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Business Loan from Elk Horn Bank & Trust Company Given to Wood Product Manufacturing CompanyElk Horn Bank & Trust Company is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Arkansas entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hot Springs, Arkansas was able to borrow $150,000 from Elk Horn Bank & Trust Company. The SBA made the loan possible by guaranteeing $135,000 of this Arkansas small business loan. SBA Loan Borrower COMPANY TYPE: WOOD PRODUCT MANUFACTURING SBA Loan Lender ELK HORN BANK & TRUST COMPANY The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide debt financing to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 321999 - Wood Product Manufacturing Loan Approval Date 12/19/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $135,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 40 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds 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. 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 Elk Horn Bank & Trust Company 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: A Company That Helps Entrepreneurs SBA 7A Lenders in Arkadelphia, Arkansas
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