First-Citizens Bank & Trust Gives Business Loan to Recyclable Material Merchant Wholesalers Company

SBA loans in North Carolina are tough to come by these days. We take a look at one North Carolina SBA loan, provided by a North Carolina bank, that was approved by the SBA.

By giving the right information to First-Citizens Bank & Trust, this Monroe, North Carolina business was able to get an SBA loan. To get this loan, the applying company gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: RECYCLABLE MATERIAL MERCHANT WHOLESALERS
MONROE, NC 28110

SBA Loan Lender

FIRST-CITIZENS BANK & TRUST
111 E JEFFERSON ST
MONROE, NC 28111

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423930 - Recyclable Material Merchant Wholesalers

Loan Approval Date

12/22/2003

Loan Approval Gross Amount

$819,000

Loan Approval from the SBA

Of the total $819,000 loan amount, the SBA guaranteed $614,250.

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 23 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First-Citizens Bank & Trust 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:

Business Line of Credit

SBA Banks in Monroe, North Carolina

North Carolina SBA 7A Lenders