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| Entrepreneur Resources | Arkansas Valley State Bank Broken Arrow Business Loans | ||||
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I Need an SBA 7A Loan in Tulsa, Oklahoma
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Bank Loans for Full-Service RestaurantsLooking for bank loans for full-service restaurants? The SBA may be the answer. This $20,800 full-service restaurants loan was issued by an Oklahoma bank.
Mack's Grill received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Arkansas Valley State Bank, out of Broken Arrow, Oklahoma. The loan was granted and they received $20,800 to help grow their Tulsa, Oklahoma business. SBA Loan Borrower MACK'S GRILL SBA Loan Lender ARKANSAS VALLEY STATE BANK This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 7/30/2007 Loan Approval Gross Amount $20,800 Loan Approval from the SBA Of the total $20,800 loan amount, the SBA guaranteed $17,680. More Information on This SBA Loan The borrower, Mack's Grill, borrowed this money for a new business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the loan would help generate 12 new jobs and retain 2 existing jobs. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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: Who Lends Money to Small Businesses in Broken Arrow, Oklahoma If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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