Mount Airy, North Carolina Business Gets SBA-Guaranteed Funding from Surrey Bank & Trust

An SBA loan from Surrey Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mount Airy, North Carolina business owner got a $90,000 loan.

This business knew how to go about getting a business bank loan. Based in Mount Airy, North Carolina, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Surrey Bank & Trust, based in Mount Airy, North Carolina.

SBA Loan Borrower

COMPANY TYPE: CROP PREPARATION SERVICE FOR MARKET
MOUNT AIRY, NC 27030

SBA Loan Lender

SURREY BANK & TRUST
145 N RENFRO ST
MOUNT AIRY, NC 27030

This was a Low Documentation SBA loan. The SBA launched this program to minimize 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. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0723 - Crop Preparation Service for Market

NAICS Code

311119 - Animal Food Manufacturing

Loan Approval Date

8/1/2003

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

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 5 employees. The loan application did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start business in Mount Airy NC, you ought to talk with a local Mount Airy SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mount Airy businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Strategic Investors

SBA Banks in Mount Airy, North Carolina

SBA Participating Banks in North Carolina