Lena, Mississippi Entrepreneur Gets a Small Business Loan
MississippiSBA loans are available to Mississippi entrepreneurs through the SBA. In this case, a Mississippi bank provides the loan.
By giving the right information to First Financial Bank, this Lena, Mississippi business was able to get an SBA loan. To get this loan, the applying company gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: BROILER, FRYER, AND ROASTER CHICKENS
LENA, MS 39094
SBA Loan Lender
FIRST FINANCIAL BANK
206 N VAN BUREN
CARTHAGE, MS 39051
The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide 7A business loans to American small businesses.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
0251 - Broiler, Fryer, and Roaster Chickens
NAICS Code
112320 - Broilers and Meat Type
Loan Approval Date
4/23/2004
Loan Approval Gross Amount
$286,000
Loan Approval from the SBA
Of the total $286,000 loan amount, the SBA guaranteed $214,500.
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. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
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:
Obtaining Funding From a Venture Capitalist
SBA Approved Banks in Carthage, Mississippi
SBA Mississippi Banks