Residential Mental Health and Substance Abuse Facilities Bank Loans

With these bank loans for residential mental health and substance abuse facilities, the SBA guarantees the lender that the loan will be repaid. This residential mental health and substance abuse facilities loan for $76,500 was given to a North Carolina entrepreneur in 2003.

Getting a small business loan in Garner, North Carolina was important for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Mechanics And Farmers Bank, operating out of Raleigh, North Carolina. Here are the details on this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL MENTAL HEALTH AND SUBSTANCE ABUSE FACILITIES
GARNER, NC 27701

SBA Loan Lender

MECHANICS AND FARMERS BANK
13 E HARGETT
RALEIGH, NC 27601

This lender issued this business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623220 - Residential Mental Health and Substance Abuse Facilities

Loan Approval Date

10/30/2003

Loan Approval Gross Amount

$76,500

Loan Approval from the SBA

Of the total $76,500 loan amount, the SBA guaranteed $65,025.

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 4 employees. This SBA loan request did not indicate that the small business 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?

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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 Mechanics And Farmers Bank 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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