Magnolia, Arkansas Lender Lends Money to Services Company

Find Magnolia, Arkansas banks that specialize in SBA loans and know how to work with entrepreneurs. Farmers Bank & Trust Company is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Texakana, Arkansas starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Farmers Bank & Trust Company. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: SERVICES
TEXAKANA, AR 71854

SBA Loan Lender

FARMERS BANK & TRUST COMPANY
200 E MAIN ST
MAGNOLIA, AR 71753

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8999 - Services

Loan Approval Date

5/31/2000

Loan Approval Gross Amount

$148,000

Loan Approval from the SBA

Of the total $148,000 loan amount, the SBA guaranteed $111,000.

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 5 employees. The loan application did not indicate that the business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in Texakana AR, you ought to talk with a local Texakana SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Texakana businesses.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Farmers Bank & Trust Company so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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