Growing Company Gets a North Carolina Business Loan

Bank loans in North Carolina are are few and far betweeen these days. We take a look at one North Carolina bank loan, provided by a North Carolina bank, that was approved by the SBA.

By giving the right information to Communityone Bank, this Southern Pines, North Carolina business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: FUNERAL SERVICE AND CREMATORIES
SOUTHERN PINES, NC 28307

SBA Loan Lender

COMMUNITYONE BANK
1128 S MAIN ST
GRAHAM, NC 27253

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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.

SIC Code

7261 - Funeral Service and Crematories

NAICS Code

812220 - Cemeteries and Crematories

Loan Approval Date

12/6/2000

Loan Approval Gross Amount

$973,392

Loan Approval from the SBA

Of the total $973,392 loan amount, the SBA guaranteed $730,044.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 18 employees. The loan application did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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 find business people willing to loan money, 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:

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SBA Participating Banks in Graham, North Carolina

North Carolina SBA Bank Lenders