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November 21, 2024 |
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| Home > Small Business Lenders by State > North Carolina Business Loan Sources > Knoxville, Business Loans > Community So. Bank D.B.A Commun Knoxville Business Loans > Sign Manufacturing Loan | ||||
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North Carolina Small Business Loans from Community So. Bank D.B.A Commun
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SBA Loan from Community So. Bank D.B.A Commun Helps Sign Manufacturing CompanyCommunity So. Bank D.B.A Commun and the SBA work together to get business loans for growing small businesses. Here's an example of how a North Carolina entrepreneur was able to get a loan to take a small business to the next level. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Greensboro, North Carolina was able to borrow $350,000 from Community So. Bank D.B.A Commun. The SBA made the loan possible by guaranteeing $262,500 of this North Carolina small business loan. SBA Loan Borrower COMPANY TYPE: SIGN MANUFACTURING SBA Loan Lender COMMUNITY SO. BANK D.B.A COMMUN The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 339950 - Sign Manufacturing Loan Approval Date 7/22/2004 Loan Approval Gross Amount $350,000 Loan Approval from the SBA Of the total $350,000 loan amount, the SBA guaranteed $262,500. 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 11 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Accountant's Role in Securing Financing SBA 7A Banks in Knoxville, Tennessee Browse All Business Loan Sources for Tennessee
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