Entrepreneur Works With Mountain Home, Arkansas Bank to Get an SBA Loan

A Mountain Home, Arkansas SBA loan can be yours. Learn how one firm got a $16,000 business loan from this Arkansas bank.

This loan to a local firm is a good example of an SBA loan. Community 1st National Bank - W. Pla made the loan and the SBA guaranteed a portion of the loan. Many other Arkansas entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
NORFORK, AR 72658

SBA Loan Lender

COMMUNITY 1ST NATIONAL BANK - W. PLA
310 HWY 62 EAST
MOUNTAIN HOME, AR 72653

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/1/2004

Loan Approval Gross Amount

$16,000

Loan Approval from the SBA

Of the total $16,000 loan amount, the SBA guaranteed $13,600.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you need money to start business in Norfork AR, you ought to talk with a local Norfork SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Norfork 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 Community 1st National Bank - W. Pla 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:

Small Business Credit Cards

Best Banks for Small Business in Mountain Home, Arkansas

SBA Participating Banks in Arkansas