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April 16, 2024 |
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| Home > Small Business Lenders by State > Arkansas Business Loan Sources > Mena, Business Loans > The Union Bank Of Mena Mena Business Loans > Full-Service Restaurants Loan | ||||
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Mena Small Business Loans from The Union Bank Of Mena
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Mena, Arkansas Business Gets SBA-Guaranteed Funding from The Union Bank Of MenaThe Union Bank Of Mena has a track record as a leading provider of SBA loans. Find out how this Arkansas entrepreneur received an SBA loan from them. Getting a small business loan in Mena, Arkansas was an essential business goal for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from The Union Bank Of Mena, operating out of Mena, Arkansas. Here are the details on this Arkansas small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender THE UNION BANK OF MENA This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 5/13/2005 Loan Approval Gross Amount $180,000 Loan Approval from the SBA Of the total $180,000 loan amount, the SBA guaranteed $135,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 20 employees. The loan application did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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: Where to Get an SBA Loan in Mena, Arkansas
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