The SBA loan process was not as scary as people make it out to be. We had 80% of the information we needed right at our fingertips, and they held our hand through the other 20%. Charles Evans knows his product inside and out and kept the process moving forward even as I continued to run the business. It’s a great program, and I can see why people take advantage of it. I highly recommend Charles Evans and Dogwood State Bank to any small business owner looking to refinance debt or continue to grow.
Located in the Wilmington, North Carolina area, Carolina Retreats Vacations is a hospitality vacation rental company servicing about 300 individually owned vacation properties for short-term vacation rentals. In a vacation rental industry that is constantly evolving, Carolina Retreats Vacations has invested the time and resources into the future of the business. Cutting-edge technology paralleled with an unwavering belief that vacation rentals should be more than just a place to stay, Carolina Retreats Vacations offers its guests an unmatched experienced and top-notch hospitality service.
As Carolina Retreats Vacations was looking to expand Owner, Mike Harrington, sought a loan that would allow them to continue to grow. After struggling to find a traditional loan with good terms that stretched over at least 5 years, Harrington connected with Business Lending Specialist, Charles Evans to discuss how an SBA loan could benefit Carolina Retreats Vacations and align with their goals. After considering the structure of the business, Charles and Mike determined that an SBA 7(a) loan would be the best fit. The SBA 7(a) Loan allowed the company to restructure debt, free up cash flow, and double expand its terms to 10 years, a huge benefit for a small business in the vacation rental business.
Are you interested in an SBA loan for your small business? The unique benefits and flexibility of an SBA loan could be just what you need to take your business to the next level. Get know our Business Lending Specialist, Charles Evans and learn more about our SBA loan programs here. We are ready when you are.