SBA Loan from 1st National Bank & Trust Chic Helps Commercial And Industrial Machinery And Equipment Rental And Leasing Company

1st National Bank & Trust Chic and the SBA work together to get business loans for growing small businesses. Here's an example of how an Oklahoma entrepreneur was able to get a loan to take a small business to the next level.

This growing company knew how to go about getting a business bank loan. Based in Tuttle, Oklahoma, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was 1st National Bank & Trust Chic, based in Chickasha, Oklahoma.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT RENTAL AND LEASING
TUTTLE, OK 73089

SBA Loan Lender

1ST NATIONAL BANK & TRUST CHIC
302 CHICKASHA AVE
CHICKASHA, OK 73023

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program requires 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.

NAICS Code

532490 - Commercial and Industrial Machinery and Equipment Rental and Leasing

Loan Approval Date

5/4/2005

Loan Approval Gross Amount

$140,400

Loan Approval from the SBA

Of the total $140,400 loan amount, the SBA guaranteed $119,340.

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 only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide money to small business owners for working capital for other expenses.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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Who Lends Money to Small Businesses in Chickasha, Oklahoma

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