Southern Commun Bank & Tr Provides SBA Loan to Buy Foot Solutions Franchise

Borrowing money to purchase a Foot Solutions franchise? Southern Commun Bank & Tr has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Foot Solutions franchise? If so, here's a 2003 SBA franchise loan that you should know about. Southern Commun Bank & Tr was the lender and the entrepreneur was based in Kernersville, North Carolina.

SBA Loan Borrower

FOOT SOLUTIONS
KERNERSVILLE, NC 27284

SBA Loan Lender

SOUTHERN COMMUN BANK & TR
4701 COUNTRY CLUB RD
WINSTON SALEM, NC 27104

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5661 - Shoe Stores

NAICS Code

448210 - Shoe Stores

Loan Approval Date

11/25/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Foot Solutions franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the business promised 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?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Southern Commun Bank & Tr that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Foot Solutions

Obtaining Funding - How to Borrow Money

SBA Participating Banks in Winston Salem, North Carolina

North Carolina SBA Bank Lenders