Business Loan from Southcoast Community Bank Given to Fitness And Recreational Sports Centers Company

Southcoast Community Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a South Carolina entrepreneur was able to get a loan to take a small business to the next level.

This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Southcoast Community Bank, out of Mount Pleasant, South Carolina. The loan was granted and they received $235,000 to help grow their Charleston, South Carolina business.

SBA Loan Borrower

COMPANY TYPE: FITNESS AND RECREATIONAL SPORTS CENTERS
CHARLESTON, SC 20401

SBA Loan Lender

SOUTHCOAST COMMUNITY BANK
530 JOHNNIE DODDS BLVD
MOUNT PLEASANT, SC 29464

This lender issued this debt financing under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

9/4/2002

Loan Approval Gross Amount

$235,000

Loan Approval from the SBA

Of the total $235,000 loan amount, the SBA guaranteed $176,250.

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

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 Southcoast Community Bank 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:

Obtaining Funding - Getting Venture Capital

Good Banks for Small Business in Mount Pleasant, South Carolina

SBA Lenders in South Carolina