Raising Money for Cut Stone and Stone Product Manufacturing

Looking for bank loans for cut stone and stone product manufacturing? The SBA may be the answer. This $50,000 cut stone and stone product manufacturing loan was issued by a North Carolina bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Tulsa, Oklahoma was able to borrow $50,000 from Bank Of America. The SBA made the loan possible by guaranteeing $25,000 of this Oklahoma small business loan.

SBA Loan Borrower

CRAFTS GRANITE & MARBLE
9950 E 55TH PL STE B
TULSA, OK 74146

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

327991 - Cut Stone and Stone Product Manufacturing

Loan Approval Date

4/29/2003

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower, Crafts Granite & Marble, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 7 employees. The SBA loan documents indicated that the loan would help retain 7 existing jobs. This loan was paid in full, and was closed out on 11/2/2006.

Next Steps for Getting an SBA Loan

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. Crafts Granite & Marble needed a loan. Bank Of America probably wouldn't have granted the loan based on the merits of the company, but with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of America made the loan. The end result was that Crafts Granite & Marble 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 SBA loan database.

Related Links:

Business Line of Credit

Best Charlotte, North Carolina Banks for Small Business

Getting an SBA Loan in North Carolina

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