Newark, Arkansas Business Gets SBA-Guaranteed Funding from First Financial Bank

An SBA loan from First Financial Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Newark, Arkansas business owner got a $387,000 loan.

Getting a small business loan in Newark, Arkansas was an essential business goal for this firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Financial Bank, operating out of El Dorado, Arkansas. Here are the details on this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: POULTRY AND POULTRY PRODUCT MERCHANT WHOLESALERS
NEWARK, AR 72562

SBA Loan Lender

FIRST FINANCIAL BANK
214 N WASHINGTON, STE 516
EL DORADO, AR 71730

This lender issued this bank loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

424440 - Poultry and Poultry Product Merchant Wholesalers

Loan Approval Date

8/17/2004

Loan Approval Gross Amount

$387,000

Loan Approval from the SBA

Of the total $387,000 loan amount, the SBA guaranteed $290,250.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 3 employees. The loan application did not indicate that the company planned 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Financial Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

504 Loans

Where to Get an SBA Loan in El Dorado, Arkansas

SBA Arkansas Banks