Knoxville, Tennessee Bank Lends Money to Paper Mills Company in High Point, North Carolina

Thinking about meeting with a Knoxville, Tennessee bank about an SBA loan? Here's one North Carolina business loan, issued by a Knoxville bank, that was approved by the SBA.

Applying for an SBA loan with Community So. Bank D.B.A Commun worked out well for our friends at one local firm in High Point, North Carolina. They got an SBA loan for $738,000. Great job!

SBA Loan Borrower

COMPANY TYPE: PAPER MILLS
HIGH POINT, NC 27262

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
625 S GAY ST, STE 450
KNOXVILLE, TN 37902

This loan was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending history and are well trained in SBA loan requirements.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

322121 - Paper Mills

Loan Approval Date

3/22/2005

Loan Approval Gross Amount

$738,000

Loan Approval from the SBA

Of the total $738,000 loan amount, the SBA guaranteed $553,500.

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 16 employees. The SBA loan documents did not indicate that the company promised to use the funding to add employees 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.

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