Coast Community Bank Gives Bank Loan to Legal Services Company

Would a Mississippi bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Mississippi bank, which offers SBA loans to Mississippi entrepreneurs.

Getting a small business loan in Gulfport, Mississippi was a top priority for this loan applicant back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Coast Community Bank. Here are the details on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: LEGAL SERVICES
GULFPORT, MS 39501

SBA Loan Lender

COAST COMMUNITY BANK
2015 E PASS RD
GULFPORT, MS 39507

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8111 - Legal Services

NAICS Code

541110 - Lawyers

Loan Approval Date

5/6/2002

Loan Approval Gross Amount

$123,950

Loan Approval from the SBA

Of the total $123,950 loan amount, the SBA guaranteed $105,357.

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

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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