Impressions In Stone LLC Gets an Oklahoma Bank Loan

Would an Oklahoma bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Oklahoma bank, which offers SBA loans to Oklahoma entrepreneurs.

By giving the right information to Summit Bank, this Broken Arrow, Oklahoma business was able to get an SBA loan. To get this loan, Impressions In Stone LLC gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

IMPRESSIONS IN STONE LLC
3904 W VANDILLA ST
BROKEN ARROW, OK 74012

SBA Loan Lender

SUMMIT BANK
5314 S YALE, STE 100
TULSA, OK 74135

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

327991 - Cut Stone and Stone Product Manufacturing

Loan Approval Date

2/27/2004

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

More Information on This SBA Loan

The borrower, Impressions In Stone LLC, borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents 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 5/30/2007.

Great, But How Can I Get an SBA Loan for My Business?

Many small businesses receive loans backed by the U.S. Small Business Administration.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

About This SBA Loan Information:

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

Related Links:

A Company That Helps Entrepreneurs

SBA 7A Banks in Tulsa, Oklahoma

Getting a Business Loan in Oklahoma

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