Financing for Electronic Shopping and Mail-Order Houses

With these loans for electronic shopping and mail-order houses, the SBA guarantees the lender that the loan will be repaid. This electronic shopping and mail-order houses loan for $100,000 was given to a North Carolina entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fayetteville, North Carolina was able to borrow $100,000 from Planters Bank, Inc.. The SBA made the loan possible by guaranteeing $85,000 of this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: CATALOG AND MAIL-ORDER HOUSES
FAYETTEVILLE, NC 28303

SBA Loan Lender

PLANTERS BANK, INC.
1312 S MAIN ST
HOPKINSVILLE, KY 42240

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

5961 - Catalog and Mail-Order Houses

NAICS Code

454110 - Electronic Shopping and Mail-Order Houses

Loan Approval Date

12/10/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 12 employees. The SBA loan documents did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

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 Planters Bank, Inc. 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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