SBA Loan from Southern Bank & Trust Helps Furniture Company

An SBA loan from Southern Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Greenville, North Carolina business owner got a $62,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Southern Bank & Trust, out of Mount Olive, North Carolina. The loan was granted and they received $62,000 to help grow their Greenville, North Carolina business.

SBA Loan Borrower

COMPANY TYPE: FURNITURE
GREENVILLE, NC 27858

SBA Loan Lender

SOUTHERN BANK & TRUST
100 N CENTER ST
MOUNT OLIVE, NC 28365

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

5021 - Furniture

NAICS Code

442110 - Furniture Stores

Loan Approval Date

11/28/2000

Loan Approval Gross Amount

$62,000

Loan Approval from the SBA

Of the total $62,000 loan amount, the SBA guaranteed $49,600.

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

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Southern Bank & Trust and they will explain how you can get an SBA loan for your company.

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:

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Best Mount Olive, North Carolina Banks for Small Business

Find an SBA Lender in North Carolina