SBA Loan from Bank Of America Helps Computer Systems Design Services Company

Bank Of America and the SBA work together to get business loans for growing small businesses. Here's an example of how a South Carolina entrepreneur was able to get a loan to take a small business to the next level.

This growing company knew how to go about getting a business bank loan. Based in North Charleston, South Carolina, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Bank Of America, based in Charlotte, North Carolina.

SBA Loan Borrower

COMPANY TYPE: COMPUTER SYSTEMS DESIGN SERVICES
NORTH CHARLESTON, SC 29418

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This commercial loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

541512 - Computer Systems Design Services

Loan Approval Date

8/9/2002

Loan Approval Gross Amount

$18,600

Loan Approval from the SBA

Of the total $18,600 loan amount, the SBA guaranteed $9,300.

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 2 employees. The loan application indicated that the loan would help retain 2 existing jobs.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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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