SBA Loan from Security Bank Helps Farm Machinery And Equipment Company

Security 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 Texas entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Idalou, Texas was an essential business goal for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Security Bank, operating out of Idalou, Texas. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: FARM MACHINERY AND EQUIPMENT
IDALOU, TX 79329

SBA Loan Lender

SECURITY BANK
302 MAIN ST
IDALOU, TX 79329

This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3523 - Farm Machinery and Equipment

NAICS Code

421820 - Farm and Garden Machinery and Equipment Wholesalers

Loan Approval Date

7/25/2001

Loan Approval Gross Amount

$12,541

Loan Approval from the SBA

Of the total $12,541 loan amount, the SBA guaranteed $9,406.

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 15 employees. The loan application 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

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Security Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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Where to Get an SBA Loan in Idalou, Texas

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