Fine Arts Schools SBA Loans

With these SBA loans for fine arts schools, the SBA guarantees the lender that the loan will be repaid. This fine arts schools loan for $41,000 was given to a North Carolina entrepreneur in 2002.

This business knew how to go about getting a business bank loan. Based in Raleigh, North Carolina, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Self-Help Cu, based in Durham, North Carolina.

SBA Loan Borrower

COMPANY TYPE: DANCE STUDIOS, SCHOOLS, AND HALLS
RALEIGH, NC 27612

SBA Loan Lender

SELF-HELP CU
301 W MAIN ST
DURHAM, NC 27701

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.

SIC Code

7911 - Dance Studios, Schools, and Halls

NAICS Code

611610 - Fine Arts Schools

Loan Approval Date

5/3/2002

Loan Approval Gross Amount

$41,000

Loan Approval from the SBA

Of the total $41,000 loan amount, the SBA guaranteed $34,850.

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 3 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Determining Proper Capital Structure for a Business

SBA Banks in Durham, North Carolina

North Carolina SBA Banks