Business Loan from Merchants & Farmers Bank Given to Eating Places Company

Merchants & Farmers Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Mississippi entrepreneur who tapped into the power of SBA loans.

This business knew how to go about getting a business bank loan. Based in Oxford, Mississippi, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Merchants & Farmers Bank, based in Oxford, Mississippi.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
OXFORD, MS 38655

SBA Loan Lender

MERCHANTS & FARMERS BANK
1111 E JACKSON AVE
OXFORD, MS 38655

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.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

10/27/2003

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 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 15 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you need money to start business in Oxford MS, you ought to talk with a local Oxford SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Oxford businesses.

This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Financing Your Business

SBA Banks in Oxford, Mississippi

Getting an SBA Loan in Mississippi