Lowcountry National Bank Gives Small Business Loan to Family Clothing Stores Company

Business loans in South Carolina are tough to come by these days. We take a look at one South Carolina business loan, provided by a South Carolina bank, that was approved by the SBA.

This business, based in Beaufort, South Carolina, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Lowcountry National Bank. We've got the inside scoop on this South Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: FAMILY CLOTHING STORES
BEAUFORT, SC 29920

SBA Loan Lender

LOWCOUNTRY NATIONAL BANK
36 SEA ISLAND PKWY
BEAUFORT, SC 29907

This lender issued this particular 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

5651 - Family Clothing Stores

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

7/17/2000

Loan Approval Gross Amount

$53,000

Loan Approval from the SBA

Of the total $53,000 loan amount, the SBA guaranteed $42,400.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Lowcountry National Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

The Art of Bootstrapping

Where to Get an SBA Loan in Beaufort, South Carolina

South Carolina SBA 7A Lenders