SBA Loan from Branch Bank & Trust Helps Automatic Vending Machines Company

An SBA loan from Branch Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Franklinville, North Carolina business owner got a $65,000 loan.

This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Branch Bank & Trust, out of Lexington, North Carolina. The loan was granted and they received $65,000 to help grow their Franklinville, North Carolina business.

SBA Loan Borrower

COMPANY TYPE: AUTOMATIC VENDING MACHINES
FRANKLINVILLE, NC 27248

SBA Loan Lender

BRANCH BANK & TRUST
209 N MAIN ST
LEXINGTON, NC 27292

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3581 - Automatic Vending Machines

NAICS Code

333311 - Automatic Vending Machine Manufacturing

Loan Approval Date

5/2/2000

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $52,000.

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 2 employees. The loan application did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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 an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Branch Bank & Trust are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

How to Raise Money

SBA Approved Banks in Lexington, North Carolina

SBA Participating Banks in North Carolina