Marshall, Texas Entrepreneur Gets a Bank Loan

Would a Texas SBA loan help your business get to the next level? If so, you may want to talk with this Mississippi bank, which offers SBA loans to Texas entrepreneurs.

Getting a small business loan in Marshall, Texas was a top priority for this particular business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Bancorpsouth Bank. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: CONFECTIONERY MANUFACTURING FROM PURCHASED CHOCOLATE
MARSHALL, TX 75672

SBA Loan Lender

BANCORPSOUTH BANK
ONE MISSISSIPPI PLZ
TUPELO, MS 38804

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

311330 - Confectionery Manufacturing from Purchased Chocolate

Loan Approval Date

2/2/2005

Loan Approval Gross Amount

$65,800

Loan Approval from the SBA

Of the total $65,800 loan amount, the SBA guaranteed $55,930.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the small business planned to use the funding to hire new 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.

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