South Carolina Business Loan Issued to Full-Service Restaurants Company

Business loans in South Carolina are hard to find these days. We take a look at one South Carolina business loan, provided by a Texas bank, that was approved by the SBA.

This company, based in Greenville, South Carolina, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Small Business Loan Source LLC. We've got the inside scoop on this South Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
GREENVILLE, SC 29601

SBA Loan Lender

SMALL BUSINESS LOAN SOURCE LLC
9801 WESTHEIMER RD #1100
HOUSTON, TX 77056

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/11/2007

Loan Approval Gross Amount

$1,828,000

Loan Approval from the SBA

Of the total $1,828,000 loan amount, the SBA guaranteed $1,371,000.

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 46 employees. The SBA loan application for the borrower indicated that the loan would help generate 6 new jobs and retain 46 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 Small Business Loan Source LLC 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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