Entrepreneur Works With Florence, South Carolina Bank to Get an SBA Loan

Get to know Florence, South Carolina banks that specialize in SBA loans and know how to work with entrepreneurs. First Reliance Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Florence, South Carolina starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from First Reliance Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
FLORENCE, SC 29501

SBA Loan Lender

FIRST RELIANCE BANK
2170 W PALMETTO ST
FLORENCE, SC 29501

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

5812 - Eating Places

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

12/15/2003

Loan Approval Gross Amount

$47,335

Loan Approval from the SBA

Of the total $47,335 loan amount, the SBA guaranteed $40,234.

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 8 employees. The SBA loan documents did not indicate that the business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $47,335 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Business Incubators

SBA 7A Banks for Florence, South Carolina Loans

Getting a Business Loan in South Carolina