Business Loan from First South Bank Given to Tax Return Preparation Services Company

An SBA loan from First South Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Columbia, South Carolina business owner got a $20,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with First South Bank, out of Spartanburg, South Carolina. The loan was granted and they received $20,000 to help grow their Columbia, South Carolina business.

SBA Loan Borrower

COMPANY TYPE: TAX RETURN PREPARATION SERVICES
COLUMBIA, SC 29212

SBA Loan Lender

FIRST SOUTH BANK
1450 JOHN B WHITE SR BLVD
SPARTANBURG, SC 29306

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

7291 - Tax Return Preparation Services

NAICS Code

541213 - Tax Preparation Services

Loan Approval Date

9/25/2000

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $16,000.

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. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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.

Related Links:

Obtaining Funding - How to Decide How Much to Raise

Good Banks for Small Business in Spartanburg, South Carolina

Getting an SBA Loan in South Carolina