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April 19, 2024 |
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| Home > Small Business Lenders by State > Arkansas Business Loan Sources > Harrison, Business Loans > Community First Bank Harrison Business Loans > Services For The Elderly And Persons With Disabilities Loan | ||||
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Harrison Bank Loan
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Entrepreneur Works With Harrison, Arkansas Bank to Get an SBA LoanThinking about meeting with a Harrison, Arkansas bank about a small business loan? Here's one Arkansas business loan, issued by a Harrison bank, that was approved by the SBA. Applying for an SBA loan with Community First Bank worked out well for our friends at one local business in Harrison, Arkansas. They received an SBA loan for $30,000. Awesome! SBA Loan Borrower COMPANY TYPE: SERVICES FOR THE ELDERLY AND PERSONS WITH DISABILITIES SBA Loan Lender COMMUNITY FIRST BANK This was a Low Documentation SBA loan. The SBA launched 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 624120 - Services for the Elderly and Persons with Disabilities Loan Approval Date 8/19/2004 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $25,500. 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 4 employees. This SBA loan request did not indicate that the company promised to use the money to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Obtaining Funding From a Venture Capitalist SBA 7A Banks in Harrison, Arkansas
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