Get an SBA Loan for Service Establishment Equipment and Supplies Wholesalers

Looking for loans for service establishment equipment and supplies wholesalers? Try the SBA. This $25,000 service establishment equipment and supplies wholesalers loan was issued by a North Carolina bank.

Getting a small business loan in Fayetteville, North Carolina was important for this growing firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from First South Bank, operating out of Fayetteville, North Carolina. Here are the details on this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: SERVICE ESTABLISHMENT EQUIPMENT AND SUPPLIES
FAYETTEVILLE, NC 23306

SBA Loan Lender

FIRST SOUTH BANK
241 GREEN ST
FAYETTEVILLE, NC 28301

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5087 - Service Establishment Equipment and Supplies

NAICS Code

421850 - Service Establishment Equipment and Supplies Wholesalers

Loan Approval Date

1/22/2002

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $21,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First South Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First South Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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Getting an SBA Loan in North Carolina