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May 8, 2024 |
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| Home > Small Business Lenders by State > North Carolina Business Loan Sources > Davenport, Business Loans > The National Bank Davenport Business Loans > Business Services Loan | ||||
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The National Bank
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SBA Loan from The National Bank Helps Business Services CompanyAn SBA loan from The National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Coal Valley, North Carolina business owner got a $100,000 loan. This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with The National Bank, out of Davenport, Iowa. The loan was granted and they received $100,000 to help grow their Coal Valley, North Carolina business. SBA Loan Borrower COMPANY TYPE: BUSINESS SERVICES SBA Loan Lender THE NATIONAL BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7389 - Business Services NAICS Code 561910 - Packaging and Labeling Services Loan Approval Date 3/23/2001 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide money to small business owners for working capital for other expenses. 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 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: Good Banks for Small Business in Davenport, Iowa
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