North Carolina SBA Loan Issued to Family Clothing Stores Company

North CarolinaSBA loans are available to North Carolina entrepreneurs through the SBA. In this case, a North Carolina bank provides the loan.

You can learn something about getting a small business loan in Charlotte, North Carolina by studying this loan to a local business, made back in 2002. Banks like Bank Of Granite may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: FAMILY CLOTHING STORES
CHARLOTTE, NC 28277

SBA Loan Lender

BANK OF GRANITE
301 S MCDOWELL ST, STE 100
CHARLOTTE, NC 28204

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

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

1/25/2002

Loan Approval Gross Amount

$45,000

Loan Approval from the SBA

Of the total $45,000 loan amount, the SBA guaranteed $38,250.

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 4 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you want money for new small business in Charlotte NC, you ought to talk with a local Charlotte SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Charlotte businesses.

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 Granite 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:

Determining Proper Capital Structure for a Business

Small Business Banks in Charlotte, North Carolina

SBA Participating Banks in North Carolina