Entrepreneur Works With Flowood, Mississippi Bank to Get an SBA Loan

Thinking about meeting with a Flowood, Mississippi bank about an SBA loan? Here's one Mississippi business loan, issued by a Flowood bank, that was approved by the SBA.

Applying for an SBA loan with Community Bank Of Mississippi worked out well for our friends at one local business in Pearl, Mississippi. The business was able to get an SBA loan for $60,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: SPORTING GOODS STORES
PEARL, MS 39208

SBA Loan Lender

COMMUNITY BANK OF MISSISSIPPI
3500 LAKELAND DR
FLOWOOD, MS 39232

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

451110 - Sporting Goods Stores

Loan Approval Date

4/26/2004

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

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 only one employee. This SBA loan request 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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:

Investor Turnoffs

Find an SBA Lender in Flowood, Mississippi

Find an SBA Lender in Mississippi