Boat Dealers Business Loans

Looking for business loans for boat dealers? The SBA may be the answer. This $540,000 boat dealers loan was issued by a Virginia bank.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with 1st Bank & Trust, out of Bristol, Virginia. The loan was granted and they received $540,000 to help grow their Bristol, Tennessee business.

SBA Loan Borrower

COMPANY TYPE: BOAT DEALERS
BRISTOL, TN 37620

SBA Loan Lender

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

This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5551 - Boat Dealers

NAICS Code

441222 - Boat Dealers

Loan Approval Date

5/8/2003

Loan Approval Gross Amount

$540,000

Loan Approval from the SBA

Of the total $540,000 loan amount, the SBA guaranteed $405,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 13 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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 Loan

Good Banks for Small Business in Bristol, Virginia

SBA Participating Banks in Virginia