Carolina First Bank SBA Loan to Special Industry Machinery Company

Carolina First Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one South Carolina entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Duncan, South Carolina was able to borrow $69,300 from Carolina First Bank. The SBA made the loan possible by guaranteeing $58,905 of this South Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: SPECIAL INDUSTRY MACHINERY
DUNCAN, SC 29334

SBA Loan Lender

CAROLINA FIRST BANK
102 S MAIN ST
GREENVILLE, SC 29601

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3559 - Special Industry Machinery

NAICS Code

333298 - Industrial Machinery Manufacturing

Loan Approval Date

10/6/2003

Loan Approval Gross Amount

$69,300

Loan Approval from the SBA

Of the total $69,300 loan amount, the SBA guaranteed $58,905.

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 12 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Carolina First 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:

Direct Public Offerings

Small Bank Loans in Greenville, South Carolina

South Carolina SBA 7A Lenders