How to Get a Loan for Convenience Stores
With these commercial loans for convenience stores, the SBA guarantees the lender that the loan will be repaid. This convenience stores loan for $94,500 was given to a entrepreneur in 2002.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Carolina, was able to borrow $94,500 from Banco Bilbao Vizcaya Argentari. The SBA made the loan possible by guaranteeing $80,325 of this small business loan.
SBA Loan Borrower
COMPANY TYPE: GROCERY STORES
CAROLINA, PR 00987
SBA Loan Lender
BANCO BILBAO VIZCAYA ARGENTARI
254 MUNOZ RIVERA AVE
SAN JUAN, PR 00936
This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5411 - Grocery Stores
NAICS Code
445120 - Convenience Stores
Loan Approval Date
12/23/2002
Loan Approval Gross Amount
$94,500
Loan Approval from the SBA
Of the total $94,500 loan amount, the SBA guaranteed $80,325.
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 5 employees. The loan application did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
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 Banco Bilbao Vizcaya Argentari 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.
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