Business Loan from Surrey Bank & Trust Given to Manufacturing Company

Surrey Bank & Trust 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 North Carolina entrepreneur who tapped into the power of SBA loans.

This small firm knew how to go about getting a business bank loan. Based in Elkin, North Carolina, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Surrey Bank & Trust, based in Mount Airy, North Carolina.

SBA Loan Borrower

COMPANY TYPE: MANUFACTURING
ELKIN, NC 28621

SBA Loan Lender

SURREY BANK & TRUST
145 N RENFRO ST
MOUNT AIRY, NC 27030

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

339999 - Manufacturing

Loan Approval Date

1/18/2005

Loan Approval Gross Amount

$240,700

Loan Approval from the SBA

Of the total $240,700 loan amount, the SBA guaranteed $180,525.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower indicated that the loan would help generate 18 new jobs and retain 24 existing jobs.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in Elkin NC, you ought to talk with a local Elkin SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Elkin businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Surrey Bank & Trust 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:

Advice on Getting a Small Business Loan

Find an SBA Lender in Mount Airy, North Carolina

SBA Participating Banks in North Carolina