How to Get a Loan for Packaged Frozen Food Wholesalers

With these business loans for packaged frozen food wholesalers, the SBA guarantees the lender that the loan will be repaid. This packaged frozen food wholesalers loan for $300,000 was given to a North Carolina entrepreneur in 2003.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with First-Citizens Bank & Trust, out of Wilmington, North Carolina. The loan was granted and they received $300,000 to help grow their Ocean Isle Beach, North Carolina business.

SBA Loan Borrower

COMPANY TYPE: PACKAGED FROZEN FOOD WHOLESALERS
OCEAN ISLE BEACH, NC 28469

SBA Loan Lender

FIRST-CITIZENS BANK & TRUST
440 S COLLEGE RD
WILMINGTON, NC 28403

This lender issued this loan for a small business under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started 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

422420 - Packaged Frozen Food Wholesalers

Loan Approval Date

11/17/2003

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. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $300,000 loan. Remember, feel the fear, and do it anyway.

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:

Investor Turnoffs

Banks in Wilmington, North Carolina

Getting an SBA Loan in North Carolina