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November 15, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Virginia Beach, Business Loans > Resource Bank Virginia Beach Business Loans > General Automotive Repair Loan | ||||
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Chesapeake, Virginia Bank for SBA Loans
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SBA Loans for General Automotive RepairLooking for SBA loans for general automotive repair? Try the SBA. This $30,000 general automotive repair loan was issued by a Virginia bank. This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Resource Bank, out of Virginia Beach, Virginia. The loan was granted and they received $30,000 to help grow their Chesapeake, Virginia business. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender RESOURCE BANK The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 811111 - General Automotive Repair Loan Approval Date 12/12/2000 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $15,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 8 existing jobs. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 Resource Bank 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: Obtaining Funding - Getting Venture Capital Best Banks in Virginia Beach, Virginia
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