Wachovia Bank SBA Loan to Sporting Goods Stores And Bicycle Shops Company
Wachovia Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Tennessee entrepreneur was able to get a loan to take a small business to the next level.
This growing company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Wachovia Bank, out of Birmingham, Alabama. The loan was granted and they received $41,000 to help grow their Gatlinburg, Tennessee business.
SBA Loan Borrower
COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS
GATLINBURG, TN 37738
SBA Loan Lender
WACHOVIA BANK
420 N 20TH ST
BIRMINGHAM, AL 35203
This lender issued this particular SBA bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5941 - Sporting Goods Stores and Bicycle Shops
NAICS Code
451110 - Sporting Goods Stores
Loan Approval Date
5/1/2003
Loan Approval Gross Amount
$41,000
Loan Approval from the SBA
Of the total $41,000 loan amount, the SBA guaranteed $34,850.
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 5 employees. The SBA loan documents did not indicate that the business promised to use the money to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $41,000 loan. Remember, if it to be, it is up to me!
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
Best Birmingham, Alabama Banks for Small Business
SBA Lenders in Alabama