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November 15, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Farmington, Business Loans > First State Community Bank Farmington Business Loans > Video Tape And Disc Rental Loan | ||||
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First State Community Bank Small Business
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First State Community Bank SBA Loan to Video Tape And Disc Rental CompanyAn SBA loan from First State Community Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Potosi, Missouri business owner got a $40,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Potosi, Missouri was able to borrow $40,000 from First State Community Bank. The SBA made the loan possible by guaranteeing $34,000 of this Missouri small business loan. SBA Loan Borrower COMPANY TYPE: VIDEO TAPE AND DISC RENTAL SBA Loan Lender FIRST STATE COMMUNITY BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 532230 - Video Tape and Disc Rental Loan Approval Date 1/27/2005 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $34,000. 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 5 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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 State Community 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: Obtaining Funding - Getting Venture Capital Where to Get an SBA Loan in Farmington, Missouri
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