Midland National Bank - Newton SBA Loan to General Merchandise Stores Company

An SBA loan from Midland National Bank - Newton typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Wichita, Kansas business owner got a $116,700 loan.

This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Midland National Bank - Newton, out of Newton, Kansas. The loan was granted and they received $116,700 to help grow their Wichita, Kansas business.

SBA Loan Borrower

COMPANY TYPE: GENERAL MERCHANDISE STORES
WICHITA, KS 67207

SBA Loan Lender

MIDLAND NATIONAL BANK - NEWTON
527 MAIN ST
NEWTON, KS 67114

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . 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

452990 - General Merchandise Stores

Loan Approval Date

8/9/2002

Loan Approval Gross Amount

$116,700

Loan Approval from the SBA

Of the total $116,700 loan amount, the SBA guaranteed $99,195.

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 4 employees. This SBA loan request did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $116,700 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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