Bank - Oklahoma Gives SBA Loan to Industrial And Commercial Machinery And Equipment Company

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

You can learn something about getting a small business loan in Oklahoma City, Oklahoma by studying this loan to a local company, made back in 2002. Banks like Bank - Oklahoma may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
OKLAHOMA CITY, OK 73179

SBA Loan Lender

BANK - OKLAHOMA
ONE WILLIAMS CTR
TULSA, OK 74172

When it made this small business loan, this bank participated in the SBA's Certified Lenders Program (CLP). This program is designed to give speedy service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

333298 - Industrial Machinery Manufacturing

Loan Approval Date

6/20/2002

Loan Approval Gross Amount

$1,250,000

Loan Approval from the SBA

Of the total $1,250,000 loan amount, the SBA guaranteed $774,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 90 employees. The loan application did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank - Oklahoma had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank - Oklahoma made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

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