Business Loans for Boat Dealers

With these business loans for boat dealers, the SBA guarantees the lender that the loan will be repaid. This boat dealers loan for $133,400 was given to a Louisiana entrepreneur in 2002.

This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Mississippi River Bank, out of Buras, Louisiana. The loan was granted and they received $133,400 to help grow their Empire, Louisiana business.

SBA Loan Borrower

COMPANY TYPE: BOAT DEALERS
EMPIRE, LA 70050

SBA Loan Lender

MISSISSIPPI RIVER BANK
HWY 23 & GIORDANO LN
BURAS, LA 70041

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441222 - Boat Dealers

Loan Approval Date

3/21/2002

Loan Approval Gross Amount

$133,400

Loan Approval from the SBA

Of the total $133,400 loan amount, the SBA guaranteed $113,390.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Mississippi River Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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