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May 16, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Cuba, Business Loans > First Community National Bank Cuba Business Loans > Consumer Electronics Repair And Maintenance Loan | ||||
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First Community National Bank Small Business
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Steelville, Missouri Business Gets SBA-Guaranteed Funding from First Community National BankFirst Community National Bank has a track record as a leading provider of SBA loans. Find out how this Missouri entrepreneur received an SBA loan from them. This business knew how to go about getting a business bank loan. Based in Steelville, Missouri, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was First Community National Bank, based in Cuba, Missouri. SBA Loan Borrower COMPANY TYPE: CONSUMER ELECTRONICS REPAIR AND MAINTENANCE SBA Loan Lender FIRST COMMUNITY NATIONAL BANK This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA 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. 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 811211 - Consumer Electronics Repair and Maintenance Loan Approval Date 11/23/2004 Loan Approval Gross Amount $80,000 Loan Approval from the SBA Of the total $80,000 loan amount, the SBA guaranteed $68,000. 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 3 employees. The SBA loan documents did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Community National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Community National 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: SBA Participating Banks in Cuba, Missouri
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