Bank Of America SBA Loan to Laundry And Garment Services Company

Searching for a Georgia small business loan? Here's one Georgia business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Augusta, Georgia was able to borrow $143,600 from Bank Of America. The SBA made the loan possible by guaranteeing $71,800 of this Georgia small business loan.

SBA Loan Borrower

COMPANY TYPE: LAUNDRY AND GARMENT SERVICES
AUGUSTA, GA 30906

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This lender processed this SBA small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

SIC Code

7219 - Laundry and Garment Services

Loan Approval Date

6/12/2000

Loan Approval Gross Amount

$143,600

Loan Approval from the SBA

Of the total $143,600 loan amount, the SBA guaranteed $71,800.

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 5 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Of America and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Understanding Dilution

Best Banks for Small Business in Charlotte, North Carolina

North Carolina SBA Banks