Innovative Bank SBA Loan to Footwear And Leather Goods Repair Company

Innovative 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.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Columbia, South Carolina was able to borrow $6,000 from Innovative Bank. The SBA made the loan possible by guaranteeing $5,100 of this South Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: FOOTWEAR AND LEATHER GOODS REPAIR
COLUMBIA, SC 29223

SBA Loan Lender

INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811430 - Footwear and Leather Goods Repair

Loan Approval Date

3/28/2005

Loan Approval Gross Amount

$6,000

Loan Approval from the SBA

Of the total $6,000 loan amount, the SBA guaranteed $5,100.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 5 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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 Innovative 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.

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