Raising Money for Sawmills

With these business loans for sawmills, the SBA guarantees the lender that the loan will be repaid. This sawmills loan for $1,000,000 was given to a Virginia entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bumpass, Virginia was able to borrow $1,000,000 from American National Bank. The SBA made the loan possible by guaranteeing $750,000 of this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: SAWMILLS
BUMPASS, VA 23024

SBA Loan Lender

AMERICAN NATIONAL BANK
5603 RIDGE RD
PARMA, OH 44129

When this loan was made, the lender participated in the SBA's Certified Lenders Program (CLP). This program was created to give rapid service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

321113 - Sawmills

Loan Approval Date

9/30/2004

Loan Approval Gross Amount

$1,000,000

Loan Approval from the SBA

Of the total $1,000,000 loan amount, the SBA guaranteed $750,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like American National Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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.

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