Local Business Gets a North Carolina SBA Loan
Would a North Carolina business loan help your company expand? If so, you may want to talk with this North Carolina bank, which offers SBA loans to North Carolina entrepreneurs.
Getting a small business loan in Raleigh, North Carolina was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Wachovia Bank. Here are the details on this North Carolina small business loan.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
RALEIGH, NC 27616
SBA Loan Lender
WACHOVIA BANK
100 N MAIN ST
WINSTON SALEM, NC 27101
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
6/6/2002
Loan Approval Gross Amount
$176,700
Loan Approval from the SBA
Of the total $176,700 loan amount, the SBA guaranteed $132,525.
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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 7 new jobs and retain 8 existing jobs.
Getting an SBA Loan For Your Business
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
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 Wachovia 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.
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