Magnolia, Arkansas Bank Gives SBA Loan to Video Tape And Disc Rental Company

Want to talk with a Magnolia, Arkansas bank about an SBA loan? Here's one Arkansas business loan, issued by a Magnolia bank, that was approved by the SBA.

Applying for an SBA loan with Farmers Bank & Trust Company worked out well for our friends at one local company in Camden, Arkansas. The business was able to get an SBA loan for $105,000. Nice!

SBA Loan Borrower

COMPANY TYPE: VIDEO TAPE AND DISC RENTAL
CAMDEN, AR 71701

SBA Loan Lender

FARMERS BANK & TRUST COMPANY
200 E MAIN ST
MAGNOLIA, AR 71753

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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

532230 - Video Tape and Disc Rental

Loan Approval Date

6/18/2001

Loan Approval Gross Amount

$105,000

Loan Approval from the SBA

Of the total $105,000 loan amount, the SBA guaranteed $89,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

We can help you find the best banks for small businesses in Camden or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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