Bristol, Virginia Bank Gives SBA Loan to General Automotive Repair Shops Company

Get small business loans from a Bristol, Virginia bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too.

1st Bank & Trust is a Bristol, Virginia small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Virginia company.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
ABINGTON, VA 24210

SBA Loan Lender

1ST BANK & TRUST
38 E VALLEY DR
BRISTOL, VA 24203

This was a Low Documentation SBA loan. The SBA started this program to minimize 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. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

5/22/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a business in Abington VA, you ought to talk with a local Abington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Abington businesses.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from 1st Bank & Trust so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

How to Raise Money

Banks in Bristol, Virginia

Getting an SBA Loan in Virginia