Carthage, Texas Entrepreneur Gets a Business Loan

TexasBusiness loans are available to Texas business owners through the SBA. In this case, a Texas bank provides the loan.

This business, based in Carthage, Texas, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First Financial Bank. We've got the inside scoop on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: BROILERS AND MEAT TYPE
CARTHAGE, TX 75633

SBA Loan Lender

FIRST FINANCIAL BANK
1602 E STARR, STE 104
NACOGDOCHES, TX 75961

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

112320 - Broilers and Meat Type

Loan Approval Date

9/13/2006

Loan Approval Gross Amount

$925,000

Loan Approval from the SBA

Of the total $925,000 loan amount, the SBA guaranteed $693,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Financial Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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SBA Approved Banks in Nacogdoches, Texas

Where to Get an SBA Loan Texas