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May 18, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Springfield, Business Loans > Bancorpsouth Bank Springfield Business Loans > Industrial Machinery And Equipment Loan | ||||
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Small Business Banks for Springfield Businesses
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Industrial Machinery and Equipment Wholesalers Business LoansLooking for business loans for industrial machinery and equipment wholesalers? Talk to a banker who works with the SBA. This $20,000 industrial machinery and equipment wholesalers loan was issued by a Missouri bank. This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Bancorpsouth Bank, out of Springfield, Missouri. The loan was granted and they received $20,000 to help grow their Springfield, Missouri business. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL MACHINERY AND EQUIPMENT SBA Loan Lender BANCORPSOUTH BANK This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5084 - Industrial Machinery and Equipment NAICS Code 421830 - Industrial Machinery and Equipment Wholesalers Loan Approval Date 1/10/2003 Loan Approval Gross Amount $20,000 Loan Approval from the SBA Of the total $20,000 loan amount, the SBA guaranteed $17,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents 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 Although it's called an SBA loan, you 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 an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Bancorpsouth Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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 Springfield, Missouri
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