Raising Money for Convenience Stores

With these business loans for convenience stores, the SBA guarantees the lender that the loan will be repaid. This convenience stores loan for $30,000 was given to a Louisiana entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Rayne, Louisiana was able to borrow $30,000 from Midsouth Bank. The SBA made the loan possible by guaranteeing $25,500 of this Louisiana small business loan.

SBA Loan Borrower

COMPANY TYPE: CONVENIENCE STORES
RAYNE, LA 70578

SBA Loan Lender

MIDSOUTH BANK
102 VERSAILLES
LAFAYETTE, LA 70501

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445120 - Convenience Stores

Loan Approval Date

12/6/2007

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

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 6 employees. The loan application indicated that the loan would help retain 6 existing jobs.

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Midsouth Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Business Cash Advances

SBA Banks in Lafayette, Louisiana

SBA Participating Banks in Louisiana