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December 23, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Troutville, Business Loans > Bank Of Botetourt Troutville Business Loans > Eating Places Loan | ||||
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SBA Lenders in Virginia
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Buchanan, Virginia Business Gets SBA-Guaranteed Funding from Bank Of BotetourtAn SBA loan from Bank Of Botetourt typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Buchanan, Virginia business owner got a $135,000 loan. This small firm knew how to go about getting a business bank loan. Based in Buchanan, Virginia, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Bank Of Botetourt, based in Troutville, Virginia. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender BANK OF BOTETOURT This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 11/6/2001 Loan Approval Gross Amount $135,000 Loan Approval from the SBA Of the total $135,000 loan amount, the SBA guaranteed $114,750. 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 12 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to add employees 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. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Of Botetourt and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Raising VC Money for Social Networking Companies Best Troutville, Virginia Banks for Small Business
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