Savannah, Georgia Business Gets SBA-Guaranteed Funding from First National Bank

An SBA loan from First National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Savannah, Georgia business owner got a $200,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Savannah, Georgia was able to borrow $200,000 from First National Bank. The SBA made the loan possible by guaranteeing $150,000 of this Georgia small business loan.

SBA Loan Borrower

COMPANY TYPE: FLOORING CONTRACTORS
SAVANNAH, GA 31419

SBA Loan Lender

FIRST NATIONAL BANK
5225 ABERCORN ST
SAVANNAH, GA 31405

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238330 - Flooring Contractors

Loan Approval Date

9/17/2007

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 10 employees. The SBA loan application for the borrower indicated that the loan would help generate 6 new jobs and retain 4 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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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