Innovative Bank Gives Bank Loan to Building Inspection Services Company

Looking to get a South Carolina small business loan? This South Carolina entrepreneur got a small business loan, provided by a California bank that works with the SBA to help small business owners.

This business, based in Conway, South Carolina, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Innovative Bank. We've got the inside scoop on this South Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: BUILDING INSPECTION SERVICES
CONWAY, SC 29527

SBA Loan Lender

INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612

This lender issued this SBA bank loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541350 - Building Inspection Services

Loan Approval Date

3/14/2005

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. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 1 new job and retain 1 existing job.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Innovative Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Financing Your Business

Small Business Banks in Oakland, California

California SBA 7A Lenders