SBA Loan from Bankplus Helps Lumber, Plywood, Millwork, And Wood Panels Company

An SBA loan from Bankplus typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Jackson, Mississippi business owner got a $87,300 loan.

Getting a small business loan in Jackson, Mississippi was an essential business goal for this firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Bankplus, operating out of Flora, Mississippi. Here are the details on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: LUMBER, PLYWOOD, MILLWORK, AND WOOD PANELS
JACKSON, MS 39201

SBA Loan Lender

BANKPLUS
4837 MAIN ST
FLORA, MS 39071

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5031 - Lumber, Plywood, Millwork, and Wood Panels

NAICS Code

421310 -

Loan Approval Date

10/11/2000

Loan Approval Gross Amount

$87,300

Loan Approval from the SBA

Of the total $87,300 loan amount, the SBA guaranteed $69,840.

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 company planned to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bankplus and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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