Entrepreneur Works With Gulfport, Mississippi Bank to Get an SBA Loan
Want to talk with a Gulfport, Mississippi bank about an SBA loan? Here's one Mississippi business loan, issued by a Gulfport bank, that was approved by the SBA.
Applying for an SBA loan with Hancock Bank worked out well for our friends at one local business in Perkinston, Mississippi. They received an SBA loan for $82,000. Sweet!
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
PERKINSTON, MS 39573
SBA Loan Lender
HANCOCK BANK
2510 14TH ST
GULFPORT, MS 39501
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
811111 - General Automotive Repair
Loan Approval Date
12/28/2004
Loan Approval Gross Amount
$82,000
Loan Approval from the SBA
Of the total $82,000 loan amount, the SBA guaranteed $41,000.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 3 employees. The loan application indicated that the loan would help generate 3 new jobs.
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 Hancock 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.
Related Links:
The Art of Bootstrapping
Best Gulfport, Mississippi Banks for Small Business
Mississippi SBA 7A Banks