Company Gets a North Carolina Bank Loan

SBA loans in North Carolina are hard to find these days. We take a look at one North Carolina SBA loan, provided by a North Carolina bank, that was approved by the SBA.

Getting a small business loan in Walkertown, North Carolina was a top priority for this particular business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Southern Commun Bank & Tr. Here are the details on this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: FITNESS AND RECREATIONAL SPORTS CENTERS
WALKERTOWN, NC 27051

SBA Loan Lender

SOUTHERN COMMUN BANK & TR
255 E INDEPENDENCE BLVD
MOUNT AIRY, NC 27030

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program requires 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

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

5/20/2005

Loan Approval Gross Amount

$59,196

Loan Approval from the SBA

Of the total $59,196 loan amount, the SBA guaranteed $50,316.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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. The company needed a loan. Southern Commun Bank & Tr had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Southern Commun Bank & Tr made the loan. The end result was that this firm 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 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.

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