Chesapeake, Virginia Entrepreneur Gets an SBA Loan

SBA loans in Virginia are tough to come by these days. We take a look at one Virginia SBA loan, provided by a Virginia bank, that was approved by the SBA.

This company, based in Chesapeake, Virginia, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Bank Of The Commonwealth. We've got the inside scoop on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: PERSONAL CARE SERVICES
CHESAPEAKE, VA 23320

SBA Loan Lender

BANK OF THE COMMONWEALTH
403 BOUSH ST
NORFOLK, VA 23510

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

812199 - Personal Care Services

Loan Approval Date

7/12/2006

Loan Approval Gross Amount

$80,800

Loan Approval from the SBA

Of the total $80,800 loan amount, the SBA guaranteed $40,400.

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 loan application indicated that the loan would help retain 5 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

This SBA loan was for $80,800. How would you spend $80,800 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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