SBA Loan from Simmons 1st Bank - Jonesboro Helps Eating Places Company

Simmons 1st Bank - Jonesboro has a track record as a leading provider of SBA loans. Find out how this Arkansas entrepreneur received an SBA loan from them.

This business knew how to go about getting a business bank loan. Based in Jonesboro, Arkansas, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Simmons 1st Bank - Jonesboro, based in Jonesboro, Arkansas.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
JONESBORO, AR 72401

SBA Loan Lender

SIMMONS 1ST BANK - JONESBORO
1720 S CARAWAY RD
JONESBORO, AR 72401

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

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

10/17/2003

Loan Approval Gross Amount

$260,000

Loan Approval from the SBA

Of the total $260,000 loan amount, the SBA guaranteed $195,000.

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 38 employees. This SBA loan request did not indicate that the company promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Raising Venture Capital

SBA Banks in Jonesboro, Arkansas

Getting an SBA Loan in Arkansas