First National Bank - So. D/b/a 1st SBA Loan to Gasoline Stations With Convenience Stores Company

First National Bank - So. D/b/a 1st is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one South Carolina entrepreneur who tapped into the power of SBA loans.

This business knew how to go about getting a business bank loan. Based in Charleston, South Carolina, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was First National Bank - So. D/b/a 1st, based in Spartanburg, South Carolina.

SBA Loan Borrower

COMPANY TYPE: GASOLINE STATIONS WITH CONVENIENCE STORES
CHARLESTON, SC 29414

SBA Loan Lender

FIRST NATIONAL BANK - SO. D/B/A 1ST
215 N PINE ST
SPARTANBURG, SC 29302

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

10/4/2007

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help retain 5 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First National Bank - So. D/b/a 1st had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First National Bank - So. D/b/a 1st made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Advice on Getting a Small Business Loan

Small Bank Loans in Spartanburg, South Carolina

SBA Participating Banks in South Carolina