Mid-Missouri Bank Gives SBA Loan to Machine Tools, Metal Cutting Types Company
Business loans in Missouri are are few and far betweeen these days. We take a look at one Missouri business loan, provided by a Missouri bank, that was approved by the SBA.
This company, based in Bolivar, Missouri, 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 Mid-Missouri Bank. We've got the inside scoop on this Missouri small business loan.
SBA Loan Borrower
COMPANY TYPE: MACHINE TOOLS, METAL CUTTING TYPES
BOLIVAR, MO 65613
SBA Loan Lender
MID-MISSOURI BANK
330 W PLAINVIEW, STE K
SPRINGFIELD, MO 65810
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3541 - Machine Tools, Metal Cutting Types
NAICS Code
333512 - Machine Tool Manufacturing
Loan Approval Date
2/27/2003
Loan Approval Gross Amount
$15,000
Loan Approval from the SBA
Of the total $15,000 loan amount, the SBA guaranteed $12,750.
More Information on This SBA Loan
The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans provide money to small business owners for working capital for other expenses.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Mid-Missouri Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
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Getting an SBA Loan in Missouri