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April 19, 2024 |
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| Home > Small Business Lenders by State > Arkansas Business Loan Sources > Hot Springs, Business Loans > Summit Bank Hot Springs Business Loans > Personal Services Loan | ||||
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Hot Springs, Arkansas Bank for SBA Loans
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Hot Springs, Arkansas Bank Gives SBA Loan to Personal Services CompanyFind Hot Springs, Arkansas banks that specialize in SBA loans and know how to work with entrepreneurs. Summit Bank is one such bank, as evidenced by this SBA loan to one business. Finding a small business loan in Hot Springs, Arkansas starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Summit Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: PERSONAL SERVICES SBA Loan Lender SUMMIT BANK This was a Low Documentation SBA loan. The SBA started 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. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7299 - Personal Services NAICS Code 812199 - Personal Care Services Loan Approval Date 11/22/2000 Loan Approval Gross Amount $15,000 Loan Approval from the SBA Of the total $15,000 loan amount, the SBA guaranteed $12,000. 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 loan application did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide smart, affordable business financing for small businesses looking to expand. 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 Summit 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. Related Links: Obtaining Funding - Getting Venture Capital SBA Participating Banks in Hot Springs, Arkansas
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