Mount Airy, North Carolina Lender Lends Money to Musical Instrument And Supplies Stores Company

Want to talk with a Mount Airy, North Carolina bank about a business loan? Here's one North Carolina business loan, issued by a Mount Airy bank, that was approved by the SBA.

Applying for an SBA loan with Southern Commun Bank & Tr worked out well for our friends at one local business in Mount Airy, North Carolina. The business was able to get an SBA loan for $120,000. Nice!

SBA Loan Borrower

COMPANY TYPE: MUSICAL INSTRUMENT AND SUPPLIES STORES
MOUNT AIRY, NC 27030

SBA Loan Lender

SOUTHERN COMMUN BANK & TR
255 E INDEPENDENCE BLVD
MOUNT AIRY, NC 27030

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.

NAICS Code

451140 - Musical Instrument and Supplies Stores

Loan Approval Date

12/8/2004

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

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 application for the borrower did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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.

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