Borrowing Money for Used Merchandise Stores

With these small business loans for used merchandise stores, the SBA guarantees the lender that the loan will be repaid. This used merchandise stores loan for $149,500 was given to an Oklahoma entrepreneur in 2001.

Getting a small business loan in Lawton, Oklahoma was important for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from City National Bank & Trust - Lawton, operating out of Lawton, Oklahoma. Here are the details on this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: USED MERCHANDISE STORES
LAWTON, OK 73501

SBA Loan Lender

CITY NATIONAL BANK & TRUST - LAWTON
5TH AND D AVE
LAWTON, OK 73502

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453310 - Used Merchandise Stores

Loan Approval Date

1/25/2001

Loan Approval Gross Amount

$149,500

Loan Approval from the SBA

Of the total $149,500 loan amount, the SBA guaranteed $127,075.

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 3 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $149,500 loan. Remember, you control your own destiny.

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:

Microlending as a Small Business Funding Source

SBA 7A Banks in Lawton, Oklahoma

Oklahoma SBA Bank Lenders