Innovative Bank SBA Loan to Splain Development

Innovative Bank 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.

Splain Development knew how to go about getting a business bank loan. Based in Tulsa, Oklahoma, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Innovative Bank, based in Oakland, California.

SBA Loan Borrower

SPLAIN DEVELOPMENT
6731 S MARION AVE
TULSA, OK 74136

SBA Loan Lender

INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612

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 loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

514199 - All Other Information Services

Loan Approval Date

7/20/2004

Loan Approval Gross Amount

$5,000

Loan Approval from the SBA

Of the total $5,000 loan amount, the SBA guaranteed $4,250.

More Information on This SBA Loan

The borrower, Splain Development, borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 1 existing job. This loan was paid in full, and was closed out on 7/31/2007.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. Splain Development needed a loan. Innovative Bank 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, Innovative Bank made the loan. The end result was that Splain Development 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.

Who Lends Money to Small Businesses in Oakland, California

SBA Lenders in California

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