Summerville, South Carolina Business Gets SBA-Guaranteed Funding from Wachovia Bank

Wachovia Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one South Carolina entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Summerville, South Carolina was able to borrow $121,000 from Wachovia Bank. The SBA made the loan possible by guaranteeing $60,500 of this South Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: BUILDING EQUIPMENT AND MACHINERY INSTALLATION CONTRACTORS
SUMMERVILLE, SC 29483

SBA Loan Lender

WACHOVIA BANK
100 N MAIN ST
WINSTON SALEM, NC 27101

This SBA small business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

235950 - Building Equipment and Machinery Installation Contractors

Loan Approval Date

8/29/2001

Loan Approval Gross Amount

$121,000

Loan Approval from the SBA

Of the total $121,000 loan amount, the SBA guaranteed $60,500.

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 12 employees. The loan application indicated that the loan would help generate 7 new jobs and retain 7 existing jobs.

Getting an SBA Loan For Your Business

Remember, you 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.

While you may be able to find other ways to get money to start a business, 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:

Advice on Getting a Small Business Loan

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North Carolina SBA Bank Lenders