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November 15, 2024 |
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| Home > Small Business Lenders by State > South Carolina Business Loan Sources > Myrtle Beach, Business Loans > Beach First National Bank Myrtle Beach Business Loans > New Single-Family Housing Construction Loan | ||||
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Beach First National Bank Small Business Loans
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SBA Loan from Beach First National Bank Helps New Single-Family Housing Construction CompanyAn SBA loan from Beach First National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Myrtle Beach, South Carolina business owner got a $450,000 loan. This business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Beach First National Bank, out of Myrtle Beach, South Carolina. The loan was granted and they received $450,000 to help grow their Myrtle Beach, South Carolina business. SBA Loan Borrower COMPANY TYPE: NEW SINGLE-FAMILY HOUSING CONSTRUCTION SBA Loan Lender BEACH FIRST NATIONAL BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide bank loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 236115 - New Single-Family Housing Construction Loan Approval Date 4/6/2006 Loan Approval Gross Amount $450,000 Loan Approval from the SBA Of the total $450,000 loan amount, the SBA guaranteed $337,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the company promised to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan 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. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Beach First National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: How Much Venture Capital Is There? SBA 7A Lenders in Myrtle Beach, South Carolina
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