Washington, North Carolina Business Gets SBA-Guaranteed Funding from Southern Bank & Trust

An SBA loan from Southern Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Washington, North Carolina business owner got a $84,000 loan.

This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Southern Bank & Trust, out of Belhaven, North Carolina. The loan was granted and they received $84,000 to help grow their Washington, North Carolina business.

SBA Loan Borrower

COMPANY TYPE: COTTON GINNING
WASHINGTON, NC 27889

SBA Loan Lender

SOUTHERN BANK & TRUST
148 E MAIN ST
BELHAVEN, NC 27810

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring 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.

SIC Code

0724 - Cotton Ginning

NAICS Code

115111 - Cotton Ginning

Loan Approval Date

4/25/2002

Loan Approval Gross Amount

$84,000

Loan Approval from the SBA

Of the total $84,000 loan amount, the SBA guaranteed $71,400.

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 2 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Southern Bank & Trust had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Southern Bank & Trust made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Borrowing Money from Friends and Family

Best Belhaven, North Carolina Banks for Small Business

Find an SBA Lender in North Carolina