Financing for Gift, Novelty, and Souvenir Stores

With these commercial loans for gift, novelty, and souvenir stores, the SBA guarantees the lender that the loan will be repaid. This gift, novelty, and souvenir stores loan for $52,884 was given to a Georgia entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in St. Simons Island, Georgia was able to borrow $52,884 from Oglethorpe Bank. The SBA made the loan possible by guaranteeing $44,951 of this Georgia small business loan.

SBA Loan Borrower

COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR STORES
ST. SIMONS ISLAND, GA 31522

SBA Loan Lender

OGLETHORPE BANK
35 MIDWAY SQUARE
SAINT SIMONS ISLAND, GA 31522

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453220 - Gift, Novelty, and Souvenir Stores

Loan Approval Date

6/10/2005

Loan Approval Gross Amount

$52,884

Loan Approval from the SBA

Of the total $52,884 loan amount, the SBA guaranteed $44,951.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

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 Oglethorpe 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.

Related Links:

Family and Friend Investors - Your First Financiers

Find an SBA Lender in Saint Simons Island, Georgia

Where to Get an SBA Loan Georgia