Entrepreneur Works With El Dorado, Arkansas Bank to Get an SBA Loan
Thinking about meeting with an El Dorado, Arkansas bank about a business loan? Here's one Arkansas business loan, issued by an El Dorado bank, that was approved by the SBA.
Applying for an SBA loan with First Financial Bank worked out well for our friends at one local firm in Cove, Arkansas. The business was able to get an SBA loan for $610,000. Way to go!
SBA Loan Borrower
COMPANY TYPE: BROILERS AND MEAT TYPE
COVE, AR 71953
SBA Loan Lender
FIRST FINANCIAL BANK
214 N WASHINGTON, STE 516
EL DORADO, AR 71730
The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide small business loans to to our country's hard-working small business owners.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
112320 - Broilers and Meat Type
Loan Approval Date
3/8/2005
Loan Approval Gross Amount
$610,000
Loan Approval from the SBA
Of the total $610,000 loan amount, the SBA guaranteed $457,500.
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 2 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
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 $610,000 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.
Related Links:
Advice on Getting a Small Business Loan
Best El Dorado, Arkansas Banks for Small Business
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