SBA Loan from Merchants & Marine Bank Helps New Single-Family Housing Construction Company

An SBA loan from Merchants & Marine Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Ocean Springs, Mississippi business owner got a $535,000 loan.

Getting a small business loan in Ocean Springs, Mississippi was an essential business goal for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Merchants & Marine Bank, operating out of Ocean Springs, Mississippi. Here are the details on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: NEW SINGLE-FAMILY HOUSING CONSTRUCTION
OCEAN SPRINGS, MS 39564

SBA Loan Lender

MERCHANTS & MARINE BANK
2802 BIENVILLE BLVD
OCEAN SPRINGS, MS 39564

This lender issued this loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started 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

236115 - New Single-Family Housing Construction

Loan Approval Date

3/1/2004

Loan Approval Gross Amount

$535,000

Loan Approval from the SBA

Of the total $535,000 loan amount, the SBA guaranteed $401,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower 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

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Obtaining Funding - How to Borrow Money

SBA 7A Banks for Ocean Springs, Mississippi Loans

Mississippi SBA 7A Lenders