Raleigh, Mississippi Entrepreneur Gets an SBA Loan

Looking to get a Mississippi SBA loan? This Mississippi entrepreneur got an SBA loan, provided by a Mississippi bank that works with the SBA to help small business owners.

Getting a small business loan in Raleigh, Mississippi was a top priority for this particular business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Community Bank Of Mississippi. Here are the details on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
RALEIGH, MS 39153

SBA Loan Lender

COMMUNITY BANK OF MISSISSIPPI
210 MIMOSA DR
RALEIGH, MS 39153

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.

SIC Code

5411 - Grocery Stores

NAICS Code

445120 - Convenience Stores

Loan Approval Date

2/14/2003

Loan Approval Gross Amount

$92,165

Loan Approval from the SBA

Of the total $92,165 loan amount, the SBA guaranteed $78,340.

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. The loan application did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Community Bank Of Mississippi had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Community Bank Of Mississippi 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.

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