Community So. Bank D.B.A Commun SBA Loan to Machine Tool Manufacturing Company

Community So. Bank D.B.A Commun has a track record as a leading provider of SBA loans. Find out how this North Carolina entrepreneur received an SBA loan from them.

This small firm received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Community So. Bank D.B.A Commun, out of Parsons, Tennessee. The loan was granted and they received $889,000 to help grow their Charlotte, North Carolina business.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
CHARLOTTE, NC 28273

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333513 - Machine Tool Manufacturing

Loan Approval Date

4/6/2005

Loan Approval Gross Amount

$889,000

Loan Approval from the SBA

Of the total $889,000 loan amount, the SBA guaranteed $666,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 61 employees. The SBA loan application for the borrower indicated that the loan would help retain 61 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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.

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