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April 29, 2024 |
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| Home > Small Business Lenders by State > Oklahoma Business Loan Sources > Oklahoma City, Business Loans > Midfirst Bank Oklahoma City Business Loans > Car Washes Loan | ||||
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Midfirst Bank Oklahoma City
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Business Loan from Midfirst Bank Given to Car Washes CompanyMidfirst Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Oklahoma entrepreneur who tapped into the power of SBA loans. This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Midfirst Bank, out of Oklahoma City, Oklahoma. The loan was granted and they received $1,827,500 to help grow their Oklahoma City, Oklahoma business. SBA Loan Borrower COMPANY TYPE: CAR WASHES SBA Loan Lender MIDFIRST BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811192 - Car Washes Loan Approval Date 2/13/2006 Loan Approval Gross Amount $1,827,500 Loan Approval from the SBA Of the total $1,827,500 loan amount, the SBA guaranteed $1,370,625. 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 6 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Midfirst Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Role of Business Plan When Raising Money Find an SBA Lender in Oklahoma City, Oklahoma
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