Midnight Sun 24 Hr Tanning Gets an Oklahoma SBA Loan

Bank loans in Oklahoma are are few and far betweeen these days. We take a look at one Oklahoma bank loan, provided by a North Carolina bank, that was approved by the SBA.

Midnight Sun 24 Hr Tanning, based in Tulsa, Oklahoma, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Bank Of America. We've got the inside scoop on this Oklahoma small business loan.

SBA Loan Borrower

MIDNIGHT SUN 24 HR TANNING
8421 E 61ST ST. STE. Z
TULSA, OK 74133

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This lender processed this commercial loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812199 - Other Personal Care Services

Loan Approval Date

4/6/2001

Loan Approval Gross Amount

$56,000

Loan Approval from the SBA

Of the total $56,000 loan amount, the SBA guaranteed $28,000.

More Information on This SBA Loan

The borrower, Midnight Sun 24 Hr Tanning, borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 6 existing jobs. This loan was paid in full, and was closed out on 5/30/2007.

Start the Process for Getting an SBA Loan Today!

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. Midnight Sun 24 Hr Tanning needed a loan. Bank Of America 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 Of America made the loan. The end result was that Midnight Sun 24 Hr Tanning 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.

Related Links:

Business Line of Credit

SBA Approved Banks in Charlotte, North Carolina

Getting a Business Loan in North Carolina

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