North Carolina Bank Loan Issued to Automotive Repair Shops Company
Would a North Carolina business loan help your company expand? If so, you may want to talk with this North Carolina bank, which offers SBA loans to North Carolina entrepreneurs.
This company, based in Lenoir, North 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 Bank Of Granite. We've got the inside scoop on this North Carolina small business loan.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS
LENOIR, NC 28645
SBA Loan Lender
BANK OF GRANITE
707 COLLEGE AVE SW
LENOIR, NC 28645
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
7539 - Automotive Repair Shops
NAICS Code
811118 - Automotive Mechanical and Electrical Repair and Maintenance
Loan Approval Date
6/21/2000
Loan Approval Gross Amount
$41,000
Loan Approval from the SBA
Of the total $41,000 loan amount, the SBA guaranteed $32,800.
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 3 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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:
Determining Proper Capital Structure for a Business
Find an SBA Lender in Lenoir, North Carolina
Find an SBA Lender in North Carolina