SBA Loan from Suntrust Bank Helps Full-Service Restaurants Company

Suntrust Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a North Carolina entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Wake Forest, North Carolina was an essential business goal for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Suntrust Bank, operating out of Cary, North Carolina. Here are the details on this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
WAKE FOREST, NC 27609

SBA Loan Lender

SUNTRUST BANK
991 HIGH HOUSE RD
CARY, NC 27513

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

7/30/2004

Loan Approval Gross Amount

$121,000

Loan Approval from the SBA

Of the total $121,000 loan amount, the SBA guaranteed $102,850.

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 12 employees. The SBA loan documents did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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.

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