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November 15, 2024 |
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| Home > Small Business Lenders by State > Louisiana Business Loan Sources > Lafayette, Business Loans > Midsouth Bank Lafayette Business Loans > Retail Stores Loan | ||||
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Louisiana Bank SBA Loans
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Midsouth Bank SBA Loan to Retail Stores CompanyLooking to get a Louisiana SBA loan? Here's one Louisiana business loan that was approved by the SBA. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lafayette, Louisiana was able to borrow $93,400 from Midsouth Bank. The SBA made the loan possible by guaranteeing $74,720 of this Louisiana small business loan. SBA Loan Borrower COMPANY TYPE: RETAIL STORES SBA Loan Lender MIDSOUTH BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5999 - Retail Stores Loan Approval Date 4/17/2000 Loan Approval Gross Amount $93,400 Loan Approval from the SBA Of the total $93,400 loan amount, the SBA guaranteed $74,720. 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. The SBA loan documents did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Midsouth Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Obtaining Funding - Friends and Family Small Bank Loans in Lafayette, Louisiana
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