Commercial and Industrial Machinery and Equipment Loans

Looking for loans for commercial and industrial machinery and equipment? Try the SBA. This $300,000 commercial and industrial machinery and equipment loan was issued by a Virginia bank.

Getting a small business loan in Chesapeake, Virginia was important for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Heritage Bank, operating out of Norfolk, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: WELDING REPAIR
CHESAPEAKE, VA 23324

SBA Loan Lender

HERITAGE BANK
4815 COLLEY AVE
NORFOLK, VA 23508

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7692 - Welding Repair

NAICS Code

811310 - Commercial and Industrial Machinery and Equipment

Loan Approval Date

6/21/2001

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

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 15 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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