Growing Company Gets an Arkansas SBA Loan

Would an Arkansas bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Arkansas bank, which offers SBA loans to Arkansas entrepreneurs.

This small business, based in Mena, Arkansas, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from The Union Bank Of Mena. We've got the inside scoop on this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: ENVIRONMENTAL CONSULTING SERVICES
MENA, AR 71953

SBA Loan Lender

THE UNION BANK OF MENA
303 HWY 71 NORTH
MENA, AR 71953

This lender issued this loan for a small business under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541620 - Environmental Consulting Services

Loan Approval Date

2/27/2006

Loan Approval Gross Amount

$275,000

Loan Approval from the SBA

Of the total $275,000 loan amount, the SBA guaranteed $206,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like The Union Bank Of Mena and they will explain how you can get an SBA loan for your company.

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:

The Friends and Family Network

Banks in Mena, Arkansas

Arkansas SBA 7A Banks