Security First National Bank SBA Loan to Bed-And-Breakfast Inns Company

Security First National Bank 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 Oklahoma entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hugo, Oklahoma was able to borrow $149,900 from Security First National Bank. The SBA made the loan possible by guaranteeing $127,415 of this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: BED-AND-BREAKFAST INNS
HUGO, OK 74743

SBA Loan Lender

SECURITY FIRST NATIONAL BANK
100 S BROADWAY
HUGO, OK 74743

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

721191 - Bed-and-Breakfast Inns

Loan Approval Date

7/23/2003

Loan Approval Gross Amount

$149,900

Loan Approval from the SBA

Of the total $149,900 loan amount, the SBA guaranteed $127,415.

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 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Equity Financing

Best Hugo, Oklahoma Banks for Small Business

Getting a Business Loan in Oklahoma