Business Loan from Regions Bank Given to Construction Machinery And Equipment Company
Regions Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Missouri entrepreneur was able to get a loan to take a small business to the next level.
This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Regions Bank, out of Memphis, Tennessee. The loan was granted and they received $150,000 to help grow their Springfield, Missouri business.
SBA Loan Borrower
COMPANY TYPE: CONSTRUCTION MACHINERY AND EQUIPMENT
SPRINGFIELD, MO 65804
SBA Loan Lender
REGIONS BANK
6200 POPLAR AVE
MEMPHIS, TN 38119
This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3531 - Construction Machinery and Equipment
Loan Approval Date
9/11/2000
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $112,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had 2 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
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. Regions Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Regions 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 - Friends and Family
Find an SBA Lender in Memphis, Tennessee
Where to Get an SBA Loan Tennessee