Borrowing Money for Broilers and Meat Type
With these loans for broilers and meat type, the SBA guarantees the lender that the loan will be repaid. This broilers and meat type loan for $28,000 was given to a Mississippi entrepreneur in 2005.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in New Hebron, Mississippi was able to borrow $28,000 from First Financial Bank. The SBA made the loan possible by guaranteeing $23,800 of this Mississippi small business loan.
SBA Loan Borrower
COMPANY TYPE: BROILERS AND MEAT TYPE
NEW HEBRON, MS 39140
SBA Loan Lender
FIRST FINANCIAL BANK
206 N VAN BUREN
CARTHAGE, MS 39051
This lender issued this SBA loan under the SBA's 7A loan, 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
7/15/2005
Loan Approval Gross Amount
$28,000
Loan Approval from the SBA
Of the total $28,000 loan amount, the SBA guaranteed $23,800.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had only one employee. This SBA loan request 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
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
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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