Getting an SBA Loan for Textile Machinery Manufacturing

With these SBA loans for textile machinery manufacturing, the SBA guarantees the lender that the loan will be repaid. This textile machinery manufacturing loan for $300,000 was given to a North Carolina entrepreneur in 2003.

Getting a small business loan in Mount Airy, North Carolina was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Southern Commun Bank & Tr, operating out of Mount Airy, North Carolina. Here are the details on this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: TEXTILE MACHINERY MANUFACTURING
MOUNT AIRY, NC 27030

SBA Loan Lender

SOUTHERN COMMUN BANK & TR
2010 COMMUNITY DR
MOUNT AIRY, NC 27030

This lender issued this business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333292 - Textile Machinery Manufacturing

Loan Approval Date

5/13/2003

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $270,000.

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 47 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you want money for new small 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.

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