South Carolina SBA Loan Issued to Full-Service Restaurants Company

Looking to get a South Carolina SBA loan? This South Carolina entrepreneur got an SBA loan, provided by a South Carolina bank that works with the SBA to help small business owners.

Getting a small business loan in Bluffton, South Carolina was a top priority for this particular business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Lowcountry National Bank. Here are the details on this South Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
BLUFFTON, SC 29910

SBA Loan Lender

LOWCOUNTRY NATIONAL BANK
36 SEA ISLAND PKWY
BEAUFORT, SC 29907

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA bank loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/30/2004

Loan Approval Gross Amount

$200,876

Loan Approval from the SBA

Of the total $200,876 loan amount, the SBA guaranteed $150,657.

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 only one employee. The loan application did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Don't apply for a loan directly with the SBA. You need to 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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

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SBA 7A Banks for Beaufort, South Carolina Loans

Getting a Business Loan in South Carolina