Getting an SBA Loan for Sporting Goods Stores
With these commercial loans for sporting goods stores, the SBA guarantees the lender that the loan will be repaid. This sporting goods stores loan for $125,000 was given to a North Carolina entrepreneur in 2003.
Getting a small business loan in Sanford, North Carolina was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First-Citizens Bank & Trust, operating out of Raleigh, North Carolina. Here are the details on this North Carolina small business loan.
SBA Loan Borrower
COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS
SANFORD, NC 27330
SBA Loan Lender
FIRST-CITIZENS BANK & TRUST
100 E TRYON RD
RALEIGH, NC 27603
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
5941 - Sporting Goods Stores and Bicycle Shops
NAICS Code
451110 - Sporting Goods Stores
Loan Approval Date
12/8/2003
Loan Approval Gross Amount
$125,000
Loan Approval from the SBA
Of the total $125,000 loan amount, the SBA guaranteed $106,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 4 employees. The SBA loan application for the borrower did not indicate that the business 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?
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.
If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from First-Citizens Bank & Trust so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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
SBA Banks in Raleigh, North Carolina
SBA North Carolina Lenders