Arkansas SBA Loan Issued to Auto And Home Supply Stores Company

Searching for an Arkansas SBA loan? This Arkansas entrepreneur got an SBA loan, provided by an Arkansas bank that works with the SBA to help small business owners.

This company, based in Siloam Springs, Arkansas, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First Security Bank. We've got the inside scoop on this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTO AND HOME SUPPLY STORES
SILOAM SPRINGS, AR 72761

SBA Loan Lender

FIRST SECURITY BANK
100 W EMMA AVE
SPRINGDALE, AR 72764

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

5531 - Auto and Home Supply Stores

Loan Approval Date

9/20/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The loan application did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Security 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 Credit Evaluation

Where to Get an SBA Loan in Springdale, Arkansas

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