Southern Bank & Trust SBA Loan to Supermarkets And Grocery Stores Company

Southern Bank & Trust 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 North Carolina entrepreneur who tapped into the power of SBA loans.

This business knew how to go about getting a business bank loan. Based in Swanquarter, North Carolina, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Southern Bank & Trust, based in Mount Olive, North Carolina.

SBA Loan Borrower

COMPANY TYPE: SUPERMARKETS AND GROCERY STORES
SWANQUARTER, NC 27885

SBA Loan Lender

SOUTHERN BANK & TRUST
100 N CENTER ST
MOUNT OLIVE, NC 28365

The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

445110 - Supermarkets and Grocery Stores

Loan Approval Date

5/12/2005

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $37,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 3 existing jobs.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Swanquarter NC, you ought to talk with a local Swanquarter SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Swanquarter businesses.

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.

Related Links:

Angel Investors

Where to Get an SBA Loan in Mount Olive, North Carolina

North Carolina SBA Banks