Entrepreneur Works With Bluffton, South Carolina Bank to Get an SBA Loan

Get to know Bluffton, South Carolina banks that specialize in small business loans and know how to work with entrepreneurs. South Carolina Bank & Trust Natl is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Hilton Head, South Carolina starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from South Carolina Bank & Trust Natl. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: OPTICAL GOODS STORES
HILTON HEAD, SC 29928

SBA Loan Lender

SOUTH CAROLINA BANK & TRUST NATL
1328 FORDING ISLAND RD
BLUFFTON, SC 29910

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5995 - Optical Goods Stores

NAICS Code

446130 - Optical Goods Stores

Loan Approval Date

9/20/2002

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

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 only one employee. This SBA loan request did not indicate that the SBA funding recipient planned 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?

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 South Carolina Bank & Trust Natl 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:

Understanding Dilution

SBA Approved Banks in Bluffton, South Carolina

SBA Lenders in South Carolina