Loan Census Banking News and Information
May 22, 2024  
 
 
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Magnolia, Arkansas Bank for SBA Loans

 

 
Loan Census SBA Loan Info

Bancorpsouth Bank Gives Small Business Loan to Limited-Service Restaurants Company

Small business loans in Arkansas are tough to come by these days. We take a look at one Arkansas small business loan, provided by an Arkansas bank, that was approved by the SBA.

You can learn something about getting a small business loan in Magnolia, Arkansas by studying this loan to a local company, made back in 2003. Banks like Bancorpsouth Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
MAGNOLIA, AR 71753

SBA Loan Lender

BANCORPSOUTH BANK
300 N JACKSON ST
MAGNOLIA, AR 71753

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 loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

3/26/2003

Loan Approval Gross Amount

$57,000

Loan Approval from the SBA

Of the total $57,000 loan amount, the SBA guaranteed $48,450.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We can help you find the best banks for small businesses in Magnolia or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Direct Public Offerings

SBA 7A Banks for Magnolia, Arkansas Loans

Getting a Business Loan in Arkansas