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April 30, 2024 |
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| Home > Small Business Lenders by State > Oklahoma Business Loan Sources > Edmond, Business Loans > First Commercial Bank Edmond Business Loans > O&m Restaurant Group, Inc. Loan | ||||
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How to Get SBA Loans in Oklahoma City, Oklahoma
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Oklahoma City, OK Entrepreneur Gets SBA Loan to Buy Burger King FranchiseBorrowing money to purchase a Burger King franchise? First Commercial Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Oklahoma City, Oklahoma needed money to invest in a Burger King franchise back in 2005. First Commercial Bank issued an SBA franchise loan. Here are the details on this Oklahoma small business loan. SBA Loan Borrower O&M RESTAURANT GROUP, INC. SBA Loan Lender FIRST COMMERCIAL BANK This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 7/15/2005 Loan Approval Gross Amount $149,000 Loan Approval from the SBA Of the total $149,000 loan amount, the SBA guaranteed $126,650. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Burger King franchise. At the time of the loan, the company had 139 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Commercial Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Commercial Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Best Edmond, Oklahoma Banks for Small Business
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