Growing Company Gets a Missouri Bank Loan
Looking to get a Missouri bank loan? This Missouri entrepreneur got a bank loan, provided by a Tennessee bank that works with the SBA to help small business owners.
Getting a small business loan in Springfield, Missouri was a top priority for this loan applicant back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Regions Bank. Here are the details on this Missouri small business loan.
SBA Loan Borrower
COMPANY TYPE: MEDICAL, DENTAL AND HOSPITAL EQUIPMENT
SPRINGFIELD, MO 65802
SBA Loan Lender
REGIONS BANK
6200 POPLAR AVE
MEMPHIS, TN 38119
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5047 - Medical, Dental and Hospital Equipment
NAICS Code
421450 - Medical, Dental, and Hospital Equipment and Supplies Wholesalers
Loan Approval Date
4/2/2003
Loan Approval Gross Amount
$358,500
Loan Approval from the SBA
Of the total $358,500 loan amount, the SBA guaranteed $268,875.
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 40 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 44 existing jobs.
Next Steps for Getting an SBA Loan
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
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:
The Art of Bootstrapping
Small Bank Loans in Memphis, Tennessee
SBA Participating Banks in Tennessee