Watonga, Oklahoma Bank Gives SBA Loan to Family Clothing Stores Company

Thinking about meeting with a Watonga, Oklahoma bank about an SBA loan? Here's one Oklahoma business loan, issued by a Watonga bank, that was approved by the SBA.

Applying for an SBA loan with First State Bank worked out well for our friends at one local firm in Watonga, Oklahoma. The business was able to get an SBA loan for $150,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: FAMILY CLOTHING STORES
WATONGA, OK 73772

SBA Loan Lender

FIRST STATE BANK
321 W MAIN ST
WATONGA, OK 73772

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

12/3/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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

Next Steps for Getting an SBA Loan

If you are working on finding money to start a business in Watonga OK, you ought to talk with a local Watonga SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Watonga businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

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Best Watonga, Oklahoma Banks for Small Business

SBA Participating Banks in Oklahoma