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March 29, 2024  
 
 
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Arkansas SBA 7A Lenders

 

 
Loan Census SBA Loan Info

Entrepreneur Works With Little Rock, Arkansas Bank to Get an SBA Loan

Thinking about meeting with a Little Rock, Arkansas bank about a business loan? Here's one Arkansas business loan, issued by a Little Rock bank, that was approved by the SBA.

Applying for an SBA loan with Metropolitan National Bank worked out well for our friends at one local company in Little Rock, Arkansas. They received an SBA loan for $205,000. Nice!

SBA Loan Borrower

COMPANY TYPE: GROUND OR TREATED MINERAL AND EARTH MANUFACTURING
LITTLE ROCK, AR 72206

SBA Loan Lender

METROPOLITAN NATIONAL BANK
425 W CAPITOL AVE
LITTLE ROCK, AR 72201

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

327992 - Ground or Treated Mineral and Earth Manufacturing

Loan Approval Date

3/12/2004

Loan Approval Gross Amount

$205,000

Loan Approval from the SBA

Of the total $205,000 loan amount, the SBA guaranteed $153,750.

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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 Metropolitan National 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:

Advice on Getting a Small Business Loan

Best Banks for Small Business in Little Rock, Arkansas

Arkansas SBA 7A Lenders