Growing Company Gets a Virginia SBA Loan

Bank loans in Virginia are are few and far betweeen these days. We take a look at one Virginia bank loan, provided by a New York bank, that was approved by the SBA.

Getting a small business loan in Chantilly, Virginia was a top priority for this loan applicant back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Manufacturers & Traders Trust. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE PARTS AND ACCESSORIES
CHANTILLY, VA 20151

SBA Loan Lender

MANUFACTURERS & TRADERS TRUST
ONE M & T PLAZA
BUFFALO, NY 14203

This SBA 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

3714 - Motor Vehicle Parts and Accessories

NAICS Code

421140 - Motor Vehicle Parts Wholesalers

Loan Approval Date

4/26/2005

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $450,000.

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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Manufacturers & Traders Trust 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.

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