Garden City, Georgia Business Gets SBA-Guaranteed Funding from First National Bank

An SBA loan from First National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Garden City, Georgia business owner got a $60,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with First National Bank, out of Savannah, Georgia. The loan was granted and they received $60,000 to help grow their Garden City, Georgia business.

SBA Loan Borrower

COMPANY TYPE: TEXTILE PRODUCT MILLS
GARDEN CITY, GA 31408

SBA Loan Lender

FIRST NATIONAL BANK
5225 ABERCORN ST
SAVANNAH, GA 31405

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.

NAICS Code

314999 - Textile Product Mills

Loan Approval Date

10/13/2004

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

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 3 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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