Guaranty Bank & Trust Co. Gives Business Loan to Soil Preparation, Planting, And Cultivating Company

SBA loans in Mississippi are tough to come by these days. We take a look at one Mississippi SBA loan, provided by a Mississippi bank, that was approved by the SBA.

This company, based in Merigold, Mississippi, 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 Guaranty Bank & Trust Co.. We've got the inside scoop on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: SOIL PREPARATION, PLANTING, AND CULTIVATING
MERIGOLD, MS 38759

SBA Loan Lender

GUARANTY BANK & TRUST CO.
210 HAYDEN ST
BELZONI, MS 39038

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

115112 - Soil Preparation, Planting, and Cultivating

Loan Approval Date

10/21/2005

Loan Approval Gross Amount

$401,000

Loan Approval from the SBA

Of the total $401,000 loan amount, the SBA guaranteed $300,750.

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 business planned to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide money to small business owners for working capital for other expenses.

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:

Advice on Getting a Small Business Loan

SBA Participating Banks in Belzoni, Mississippi

Mississippi SBA Banks