Family Clothing Stores SBA Loans

With these SBA loans for family clothing stores, the SBA guarantees the lender that the loan will be repaid. This family clothing stores loan for $30,000 was given to a West Virginia entrepreneur in 2001.

This small business knew how to go about getting a business bank loan. Based in Elkins, West Virginia, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Mountain Valley Bank, based in Elkins, West Virginia.

SBA Loan Borrower

COMPANY TYPE: FAMILY CLOTHING STORES
ELKINS, WV 26241

SBA Loan Lender

MOUNTAIN VALLEY BANK
317 DAVIS AVE
ELKINS, WV 26241

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5651 - Family Clothing Stores

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

2/1/2001

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

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 only one employee. The SBA loan documents did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Mountain Valley Bank and they will explain how you can get an SBA loan for your company.

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:

How Equity Dilution Works

SBA Participating Banks in Elkins, West Virginia

Where to Get an SBA Loan West Virginia