West Monroe, Louisiana Business Gets SBA-Guaranteed Funding from Ouachita Independent Bank

An SBA loan from Ouachita Independent Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a West Monroe, Louisiana business owner got a $83,000 loan.

This business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Ouachita Independent Bank, out of Monroe, Louisiana. The loan was granted and they received $83,000 to help grow their West Monroe, Louisiana business.

SBA Loan Borrower

COMPANY TYPE: LESSORS OF NONRESIDENTIAL BUILDINGS
WEST MONROE, LA 71291

SBA Loan Lender

OUACHITA INDEPENDENT BANK
909 N 18TH ST, STE 100
MONROE, LA 71201

This was a Low Documentation SBA loan. The SBA started 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

531120 - Lessors of Nonresidential Buildings

Loan Approval Date

2/2/2004

Loan Approval Gross Amount

$83,000

Loan Approval from the SBA

Of the total $83,000 loan amount, the SBA guaranteed $70,550.

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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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