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May 6, 2024 |
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| Home > Small Business Lenders by State > Oklahoma Business Loan Sources > Woodward, Business Loans > Midfirst Bank Woodward Business Loans > Rdc Electronics Inc Loan | ||||
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Woodward, Oklahoma Bank Loan
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Woodward, OK Entrepreneur Gets SBA Loan to Buy Radio Shack FranchiseNeed money to invest in a Radio Shack franchise? Midfirst Bank has a history of making these loans and they are guaranteed by the SBA. Radio Shack franchise loans are available to Woodward, Oklahoma entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Midfirst Bank, based in Woodward, Oklahoma, issued an SBA franchise loan for a Radio Shack franchise in 2003. We've got all the details on this Oklahoma small business loan. SBA Loan Borrower RDC ELECTRONICS INC SBA Loan Lender MIDFIRST BANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires 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 443112 - Radio, Television, and Electronics Stores Loan Approval Date 7/10/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Radio Shack franchise. At the time of the loan, the company had 3 employees. The SBA loan documents 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 Every year, the SBA guarantees over $10 billion for loans just like this one. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Midfirst Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Borrowing Money from Friends and Family Where to Get an SBA Loan in Woodward, Oklahoma Find an SBA Lender in Oklahoma
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