Entrepreneur Works With Fort Smith, Arkansas Bank to Get an SBA Loan

Get to know Fort Smith, Arkansas banks that specialize in SBA loans and know how to work with entrepreneurs. Simmons First National Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Fort Smith, Arkansas starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Simmons First National Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE TRANSMISSION REPAIR
FORT SMITH, AR 72901

SBA Loan Lender

SIMMONS FIRST NATIONAL BANK
4200 ROGERS AVE
FORT SMITH, AR 72903

This lender issued this debt financing under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811113 - Automotive Transmission Repair

Loan Approval Date

5/16/2003

Loan Approval Gross Amount

$445,000

Loan Approval from the SBA

Of the total $445,000 loan amount, the SBA guaranteed $333,750.

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 6 employees. This SBA loan request did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Simmons First National Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Role of Business Plan When Raising Money

SBA Approved Banks in Fort Smith, Arkansas

Getting a Business Loan in Arkansas