First Community Bank Of Tifton Gives Small Business Loan to Gift, Novelty, And Souvenir Stores Company

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

By giving the right information to First Community Bank Of Tifton, this Tifton, Georgia 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: GIFT, NOVELTY, AND SOUVENIR STORES
TIFTON, GA 31793

SBA Loan Lender

FIRST COMMUNITY BANK OF TIFTON
218 LOVE AVE
TIFTON, GA 31794

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453220 - Gift, Novelty, and Souvenir Stores

Loan Approval Date

6/6/2005

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you need business start up money in Tifton GA, you ought to talk with a local Tifton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Tifton businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Community Bank Of Tifton that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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

SBA 7A Banks for Tifton, Georgia Loans

Georgia SBA 7A Lenders