Cary, North Carolina Lender Lends Money to Electrical Contractors Company

Thinking about meeting with a Cary, North Carolina bank about a business loan? Here's one North Carolina business loan, issued by a Cary bank, that was approved by the SBA.

Applying for an SBA loan with Suntrust Bank worked out well for our friends at one local company in Raleigh, North Carolina. They got an SBA loan for $25,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL CONTRACTORS
RALEIGH, NC 27602

SBA Loan Lender

SUNTRUST BANK
991 HIGH HOUSE RD
CARY, NC 27513

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a 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. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

235310 - Electrical Contractors

Loan Approval Date

3/17/2004

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $21,250.

More Information on This SBA Loan

The borrower 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 25 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Suntrust Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Getting a Small Business Loan

Who Lends Money to Small Businesses in Cary, North Carolina

Find an SBA Lender in North Carolina