Business Loan from Resource Bank Given to Towing And Tugboat Services Company
Resource Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Virginia entrepreneur who tapped into the power of SBA loans.
This small firm 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 $75,000 to help grow their Chesapeake, Virginia business.
SBA Loan Borrower
COMPANY TYPE: TOWING AND TUGBOAT SERVICES
CHESAPEAKE, VA 23325
SBA Loan Lender
RESOURCE BANK
4429 BONNEY RD, STE 300
VIRGINIA BEACH, VA 23462
This lender processed this SBA loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
SIC Code
4492 - Towing and Tugboat Services
NAICS Code
488330 - Navigational Services to Shipping
Loan Approval Date
1/11/2000
Loan Approval Gross Amount
$75,000
Loan Approval from the SBA
Of the total $75,000 loan amount, the SBA guaranteed $37,500.
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 10 employees. The SBA loan application for the borrower indicated that the loan would help retain 10 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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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