How to Get a Loan for Recreational Goods Rental

With these commercial loans for recreational goods rental, the SBA guarantees the lender that the loan will be repaid. This recreational goods rental loan for $63,500 was given to a Mississippi entrepreneur in 2001.

Getting a small business loan in Pocahontas, Mississippi was important for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Merchants & Farmers Bank, operating out of Ridgeland, Mississippi. Here are the details on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: AMUSEMENT AND RECREATION SERVICES
POCAHONTAS, MS 39072

SBA Loan Lender

MERCHANTS & FARMERS BANK
295 HWY 51
RIDGELAND, MS 39158

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

7999 - Amusement and Recreation Services

NAICS Code

532292 - Recreational Goods Rental

Loan Approval Date

5/7/2001

Loan Approval Gross Amount

$63,500

Loan Approval from the SBA

Of the total $63,500 loan amount, the SBA guaranteed $53,975.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Merchants & Farmers Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Merchants & Farmers Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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 in Ridgeland, Mississippi

Browse All Business Loan Sources for Mississippi