Broken Arrow, Oklahoma Business Gets SBA-Guaranteed Funding from Midfirst Bank

Midfirst Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Oklahoma entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Broken Arrow, Oklahoma was an essential business goal for Brother's Warehouse Liquors back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Midfirst Bank, operating out of Tulsa, Oklahoma. Here are the details on this Oklahoma small business loan.

SBA Loan Borrower

BROTHER'S WAREHOUSE LIQUORS
205 W. KENOSHA
BROKEN ARROW, OK 74012

SBA Loan Lender

MIDFIRST BANK
321 S BOSTON AVE
TULSA, OK 74103

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.

NAICS Code

445310 - Beer, Wine, and Liquor Stores

Loan Approval Date

8/10/2001

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, Brother's Warehouse Liquors, 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 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees. This loan was paid in full, and was closed out on 12/2/2002.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this Brother's Warehouse Liquors loan from Midfirst Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Obtaining Funding - Friends and Family

Good Banks for Small Business in Tulsa, Oklahoma

Where to Get an SBA Loan Oklahoma

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