Dinwiddie, Virginia Business Gets SBA-Guaranteed Funding from Bank Of Mckenney

An SBA loan from Bank Of Mckenney typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Dinwiddie, Virginia business owner got a $38,600 loan.

This small firm knew how to go about getting a business bank loan. Based in Dinwiddie, Virginia, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Bank Of Mckenney, based in Dinwiddie, Virginia.

SBA Loan Borrower

COMPANY TYPE: GENERAL MERCHANDISE STORES
DINWIDDIE, VA 23841

SBA Loan Lender

BANK OF MCKENNEY
13812 BOYDTON PLANK RD
DINWIDDIE, VA 23841

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5399 - General Merchandise Stores

Loan Approval Date

2/8/2000

Loan Approval Gross Amount

$38,600

Loan Approval from the SBA

Of the total $38,600 loan amount, the SBA guaranteed $30,880.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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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