Entrepreneur Works With Lafayette, Louisiana Bank to Get an SBA Loan

Get to know Lafayette, Louisiana banks that specialize in SBA loans and know how to work with entrepreneurs. Midsouth Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Lafayette, Louisiana starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Midsouth Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: WHOLESALE TRADE AGENTS AND BROKERS
LAFAYETTE, LA 70503

SBA Loan Lender

MIDSOUTH BANK
102 VERSAILLES
LAFAYETTE, LA 70501

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This small business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

425120 - Wholesale Trade Agents and Brokers

Loan Approval Date

12/10/2007

Loan Approval Gross Amount

$129,700

Loan Approval from the SBA

Of the total $129,700 loan amount, the SBA guaranteed $110,245.

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 only one employee. The loan application indicated that the funding would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

If you need money to start a small business or need money to grow a business, an SBA loan can be a great funding source

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 Midsouth Bank 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.

Related Links:

Small Business Credit Cards

SBA Banks in Lafayette, Louisiana

Louisiana SBA 7A Lenders