Borrowing Money for Paint, Varnish, and Supplies Wholesalers

Looking for small business loans for paint, varnish, and supplies wholesalers? An SBA loan may be just what you've been looking for. This $50,000 paint, varnish, and supplies wholesalers loan was issued by a North Carolina bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Wilson, North Carolina was able to borrow $50,000 from Cornerstone Bank. The SBA made the loan possible by guaranteeing $42,500 of this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: PAINTS, VARNISHES, AND SUPPLIES
WILSON, NC 27893

SBA Loan Lender

CORNERSTONE BANK
3710 NASH ST NORTH
WILSON, NC 27896

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5198 - Paints, Varnishes, and Supplies

NAICS Code

422950 - Paint, Varnish, and Supplies Wholesalers

Loan Approval Date

3/29/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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. The SBA loan application for the borrower did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

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:

Small Business Credit Cards

Good Banks for Small Business in Wilson, North Carolina

SBA North Carolina Banks