Entrepreneur Works With Idabel, Oklahoma Bank to Get an SBA Loan

Get to know Idabel, Oklahoma banks that specialize in business loans and know how to work with entrepreneurs. Idabel National Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Idabel, Oklahoma starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Idabel National Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: WOOD PRODUCT MANUFACTURING
IDABEL, OK 74745

SBA Loan Lender

IDABEL NATIONAL BANK
1201 SE WASHINGTON
IDABEL, OK 74745

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

321999 - Wood Product Manufacturing

Loan Approval Date

6/15/2007

Loan Approval Gross Amount

$900,000

Loan Approval from the SBA

Of the total $900,000 loan amount, the SBA guaranteed $675,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 14 employees. The SBA loan documents indicated that the loan would help generate 14 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 Idabel 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:

Advice on Getting a Small Business Loan

Good Banks for Small Business in Idabel, Oklahoma

SBA Oklahoma Lenders