Fayetteville, Arkansas Lender Lends Money to Mining Machinery And Equipment Manufacturing Company

Thinking about meeting with a Fayetteville, Arkansas bank about a business loan? Here's one Arkansas business loan, issued by a Fayetteville bank, that was approved by the SBA.

Applying for an SBA loan with Arvest Bank worked out well for our friends at one local business in Springdale, Arkansas. They got an SBA loan for $120,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: MINING MACHINERY AND EQUIPMENT MANUFACTURING
SPRINGDALE, AR 72764

SBA Loan Lender

ARVEST BANK
75 N EAST AVE
FAYETTEVILLE, AR 72701

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program involves 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

333131 - Mining Machinery and Equipment Manufacturing

Loan Approval Date

5/15/2003

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 12 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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