Mushogee, Oklahoma Business Gets SBA-Guaranteed Funding from Bizcapital Bidco II, LLC

An SBA loan from Bizcapital Bidco II, LLC typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mushogee, Oklahoma business owner got a $462,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mushogee, Oklahoma was able to borrow $462,000 from Bizcapital Bidco II, LLC. The SBA made the loan possible by guaranteeing $346,500 of this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL SUPPLIES MERCHANT WHOLESALERS
MUSHOGEE, OK 74403

SBA Loan Lender

BIZCAPITAL BIDCO II, LLC
909 POYDRAS ST, SUITE 2230
NEW ORLEANS, LA 70112

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423840 - Industrial Supplies Merchant Wholesalers

Loan Approval Date

11/29/2006

Loan Approval Gross Amount

$462,000

Loan Approval from the SBA

Of the total $462,000 loan amount, the SBA guaranteed $346,500.

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 10 employees. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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:

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SBA Participating Banks in Louisiana