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May 14, 2024 |
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| Home > Small Business Lenders by State > North Carolina Business Loan Sources > Durham, Business Loans > Self-Help Cu Durham Business Loans > Commercial Laundry And Drycleaning Equipment Loan | ||||
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How to Get SBA Loans in Mars Hill, North Carolina
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Where to Get Capital for Commercial Laundry, Drycleaning, and Pressing Machine ManufacturingLooking for small business loans for commercial laundry, drycleaning, and pressing machine manufacturing? The SBA may be the answer. This $120,000 commercial laundry, drycleaning, and pressing machine manufacturing loan was issued by a North Carolina bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mars Hill, North Carolina was able to borrow $120,000 from Self-Help Cu. The SBA made the loan possible by guaranteeing $102,000 of this North Carolina small business loan. SBA Loan Borrower COMPANY TYPE: COMMERCIAL LAUNDRY AND DRYCLEANING EQUIPMENT SBA Loan Lender SELF-HELP CU This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3582 - Commercial Laundry and Drycleaning Equipment NAICS Code 333312 - Commercial Laundry, Drycleaning, and Pressing Machine Manufacturing Loan Approval Date 4/4/2002 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Self-Help Cu had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Self-Help Cu 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. Related Links: SBA Approved Banks in Durham, North Carolina
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