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November 23, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Mclean, Business Loans > Capital One Mclean Business Loans > General Automotive Repair Loan | ||||
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Mclean, Virginia Bank for SBA Loans
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Entrepreneur Works With Mclean, Virginia Bank to Get an SBA LoanWant to talk with a Mclean, Virginia bank about a small business loan? Here's one Michigan business loan, issued by a Mclean bank, that was approved by the SBA. Applying for an SBA loan with Capital One worked out well for our friends at one local firm in Big Rapids, Michigan. The business was able to get an SBA loan for $125,000. Great job! SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender CAPITAL ONE 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. 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. NAICS Code 811111 - General Automotive Repair Loan Approval Date 8/10/2004 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $106,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees. 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Capital One that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Best Banks for Small Business in Mclean, Virginia
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