Growing Company Gets a Mississippi SBA Loan

Would a Mississippi bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Mississippi bank, which offers SBA loans to Mississippi entrepreneurs.

Getting a small business loan in Indianola, Mississippi was a top priority for this loan applicant back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Community Bank No. Mississippi. Here are the details on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
INDIANOLA, MS 38751

SBA Loan Lender

COMMUNITY BANK NO. MISSISSIPPI
147 HWY 82 EAST
INDIANOLA, MS 38751

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

3/13/2001

Loan Approval Gross Amount

$106,000

Loan Approval from the SBA

Of the total $106,000 loan amount, the SBA guaranteed $90,100.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Community Bank No. Mississippi had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Community Bank No. Mississippi made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Alternative Financing

Small Business Banks in Indianola, Mississippi

SBA Lenders in Mississippi