Local Business Gets an Arkansas Bank Loan

Want an Arkansas business loan? This Arkansas entrepreneur got a business loan, provided by an Arkansas bank that works with the SBA to help small business owners.

Getting a small business loan in Magnolia, Arkansas was a top priority for this SBA-financed company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Farmers Bank & Trust Company. Here are the details on this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
MAGNOLIA, AR 71753

SBA Loan Lender

FARMERS BANK & TRUST COMPANY
200 E MAIN ST
MAGNOLIA, AR 71753

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

5/10/2001

Loan Approval Gross Amount

$38,700

Loan Approval from the SBA

Of the total $38,700 loan amount, the SBA guaranteed $32,895.

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 2 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Farmers Bank & Trust Company had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Farmers Bank & Trust Company made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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