Self-Help Cu SBA Loan to Home Furnishings Stores Company

An SBA loan from Self-Help Cu typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Marion, North Carolina business owner got a $30,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2008. They applied for an SBA loan with Self-Help Cu, out of Durham, North Carolina. The loan was granted and they received $30,000 to help grow their Marion, North Carolina business.

SBA Loan Borrower

COMPANY TYPE: HOME FURNISHINGS STORES
MARION, NC 28752

SBA Loan Lender

SELF-HELP CU
301 W MAIN ST
DURHAM, NC 27701

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

442299 - Home Furnishings Stores

Loan Approval Date

2/15/2008

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $15,000.

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 2 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Self-Help Cu had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Self-Help Cu made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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