Getting an SBA Loan for Family Clothing Stores

With these commercial loans for family clothing stores, the SBA guarantees the lender that the loan will be repaid. This family clothing stores loan for $40,000 was given to a North Carolina entrepreneur in 2007.

This business knew how to go about getting a business bank loan. Based in Sylva, North Carolina, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Self-Help Cu, based in Greensboro, North Carolina.

SBA Loan Borrower

COMPANY TYPE: FAMILY CLOTHING STORES
SYLVA, NC 28723

SBA Loan Lender

SELF-HELP CU
122 N ELM ST, STE 1015
GREENSBORO, NC 27410

This lender issued this SBA loan under the SBA 7A lending 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.

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

12/31/2007

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Self-Help Cu so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Financing Your Business

SBA 7A Banks for Greensboro, North Carolina Loans

SBA Lenders in North Carolina