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May 13, 2024 |
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| Home > Small Business Lenders by State > Mississippi Business Loan Sources > Greenwood, Business Loans > State Bank & Trust Company Greenwood Business Loans > Retail Nurseries, Lawn And Garden Supply Stores Loan | ||||
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Business Loans for Summit Small Business Owners
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Borrowing Money for Outdoor Power Equipment StoresLooking for loans for outdoor power equipment stores? The SBA may be the answer. This $60,000 outdoor power equipment stores loan was issued by a Mississippi bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Summit, Mississippi was able to borrow $60,000 from State Bank & Trust Company. The SBA made the loan possible by guaranteeing $51,000 of this Mississippi small business loan. SBA Loan Borrower COMPANY TYPE: RETAIL NURSERIES, LAWN AND GARDEN SUPPLY STORES SBA Loan Lender STATE BANK & TRUST COMPANY This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5261 - Retail Nurseries, Lawn and Garden Supply Stores NAICS Code 444210 - Outdoor Power Equipment Stores Loan Approval Date 2/19/2002 Loan Approval Gross Amount $60,000 Loan Approval from the SBA Of the total $60,000 loan amount, the SBA guaranteed $51,000. 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 4 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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 State Bank & Trust Company 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: Family and Friend Investors - Your First Financiers SBA Participating Banks in Greenwood, Mississippi
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