Firm Gets an Oklahoma Small Business Loan

Would an Oklahoma small business loan help your small business to grow and prosper? If so, you may want to talk with this Oklahoma bank, which offers SBA loans to Oklahoma entrepreneurs.

This small business, based in Oklahoma City, Oklahoma, 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 First Commercial Bank. We've got the inside scoop on this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: DRYWALL AND INSULATION CONTRACTORS
OKLAHOMA CITY, OK 73149

SBA Loan Lender

FIRST COMMERCIAL BANK
1601 S KELLY
EDMOND, OK 73013

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238310 - Drywall and Insulation Contractors

Loan Approval Date

9/17/2004

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Commercial Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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