Pine Bluff, Arkansas Entrepreneur Gets a Small Business Loan
Want an Arkansas small business loan? This Arkansas entrepreneur got a small business loan, provided by an Arkansas bank that works with the SBA to help small business owners.
Getting a small business loan in Pine Bluff, Arkansas was a top priority for this small company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Simmons First National Bank. Here are the details on this Arkansas small business loan.
SBA Loan Borrower
COMPANY TYPE: MEN'S AND BOYS' CLOTHING AND ACCESSORY STORES
PINE BLUFF, AR 71601
SBA Loan Lender
SIMMONS FIRST NATIONAL BANK
501 MAIN ST
PINE BLUFF, AR 71601
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA small business loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5611 - Men's and Boys' Clothing and Accessory Stores
NAICS Code
448110 - Men's Clothing Stores
Loan Approval Date
3/22/2000
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $40,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing 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 small business promised to use the funding to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
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.
Related Links:
Business Cash Advances
SBA Approved Banks in Pine Bluff, Arkansas
Getting a Business Loan in Arkansas