SBA Loan from The National Bank Helps Business Services Company
An SBA loan from The National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Coal Valley, North Carolina business owner got a $100,000 loan.
This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with The National Bank, out of Davenport, Iowa. The loan was granted and they received $100,000 to help grow their Coal Valley, North Carolina business.
SBA Loan Borrower
COMPANY TYPE: BUSINESS SERVICES
COAL VALLEY, NC 61240
SBA Loan Lender
THE NATIONAL BANK
2322 E KIMBERLY RD
DAVENPORT, IA 52807
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7389 - Business Services
NAICS Code
561910 - Packaging and Labeling Services
Loan Approval Date
3/23/2001
Loan Approval Gross Amount
$100,000
Loan Approval from the SBA
Of the total $100,000 loan amount, the SBA guaranteed $85,000.
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 2 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans provide money to small business owners for working capital for other expenses.
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.
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Iowa SBA 7A Lenders