Financing for Fruit and Vegetable Canning

With these loans for fruit and vegetable canning, the SBA guarantees the lender that the loan will be repaid. This fruit and vegetable canning loan for $650,000 was given to a North Carolina entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Seagrove, North Carolina was able to borrow $650,000 from Communityone Bank. The SBA made the loan possible by guaranteeing $487,500 of this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: FRUIT AND VEGETABLE CANNING
SEAGROVE, NC 27341

SBA Loan Lender

COMMUNITYONE BANK
101 SUNSET AVE
ASHEBORO, NC 27203

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

311421 - Fruit and Vegetable Canning

Loan Approval Date

8/25/2003

Loan Approval Gross Amount

$650,000

Loan Approval from the SBA

Of the total $650,000 loan amount, the SBA guaranteed $487,500.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 20 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Communityone Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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