Local Business Gets an Oklahoma Bank Loan

Business loans in Oklahoma are hard to find these days. We take a look at one Oklahoma business loan, provided by an Oklahoma bank, that was approved by the SBA.

Getting a small business loan in Woodward, Oklahoma was a top priority for this SBA-financed company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from The Stock Exchange Bank. Here are the details on this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
WOODWARD, OK 73801

SBA Loan Lender

THE STOCK EXCHANGE BANK
1117 10TH ST
WOODWARD, OK 73801

This was a Low Documentation SBA loan. The SBA launched this program to reduce 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. 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.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/28/2000

Loan Approval Gross Amount

$123,800

Loan Approval from the SBA

Of the total $123,800 loan amount, the SBA guaranteed $92,850.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 13 employees. This SBA loan request did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. The Stock Exchange Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, The Stock Exchange 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:

Small Business Loan

Banks in Woodward, Oklahoma

SBA Lenders in Oklahoma