Getting an SBA Loan for Ophthalmic Goods Merchant Wholesalers

With these commercial loans for ophthalmic goods merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This ophthalmic goods merchant wholesalers loan for $150,000 was given to an Oklahoma entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Muskogee, Oklahoma was able to borrow $150,000 from First National Bank - Muskogee. The SBA made the loan possible by guaranteeing $127,500 of this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: OPHTHALMIC GOODS MERCHANT WHOLESALERS
MUSKOGEE, OK 74403

SBA Loan Lender

FIRST NATIONAL BANK - MUSKOGEE
510 N MAIN ST
MUSKOGEE, OK 74401

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423460 - Ophthalmic Goods Merchant Wholesalers

Loan Approval Date

9/17/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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:

How Equity Dilution Works

Where to Get an SBA Loan in Muskogee, Oklahoma

Oklahoma SBA 7A Lenders