SBA Loan from Bank - Oklahoma Helps Auto Buff, Inc.

Bank - Oklahoma is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Oklahoma entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Oklahoma City, Oklahoma was an essential business goal for Auto Buff, Inc. back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Bank - Oklahoma, operating out of Tulsa, Oklahoma. Here are the details on this Oklahoma small business loan.

SBA Loan Borrower

AUTO BUFF, INC.
327 W MEMORIAL ROAD
OKLAHOMA CITY, OK 73114

SBA Loan Lender

BANK - OKLAHOMA
ONE WILLIAMS CTR
TULSA, OK 74172

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7549 - Automotive Services, Except Repair and Carwashes

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

5/21/2002

Loan Approval Gross Amount

$580,000

Loan Approval from the SBA

Of the total $580,000 loan amount, the SBA guaranteed $435,000.

More Information on This SBA Loan

The borrower, Auto Buff, Inc., borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 20 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees. This loan was paid in full, and was closed out on 10/2/2003.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. Auto Buff, Inc. needed a loan. Bank - Oklahoma probably wouldn't have granted the loan based on the merits of the company, but with the SBA stepping up and agreeing to guarantee part of the loan, Bank - Oklahoma made the loan. The end result was that Auto Buff, Inc. was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

About This SBA Loan Information:

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

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