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May 6, 2024 |
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| Home > Small Business Lenders by State > Louisiana Business Loan Sources > New Iberia, Business Loans > Midsouth Bank New Iberia Business Loans > Equipment Rental And Leasing Loan | ||||
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Louisiana Small Business SBA Loans
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Growing Company Gets a Louisiana Business LoanLouisianaBank loans are available to Louisiana firms through the SBA. In this case, a Louisiana bank provides the loan. This small business, based in New Iberia, Louisiana, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Midsouth Bank. We've got the inside scoop on this Louisiana small business loan. SBA Loan Borrower COMPANY TYPE: EQUIPMENT RENTAL AND LEASING SBA Loan Lender MIDSOUTH BANK This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a 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 7359 - Equipment Rental and Leasing Loan Approval Date 1/25/2000 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $80,000. 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 only one employee. The loan application did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: Who Lends Money to Small Businesses in New Iberia, Louisiana Find an SBA Lender in Louisiana
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