Business Loan from Wesbanco Bank, Inc. Given to Motor Vehicle Parts And Accessories Company

Wesbanco Bank, Inc. 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 West Virginia entrepreneur who tapped into the power of SBA loans.

This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Wesbanco Bank, Inc., out of Clarksburg, West Virginia. The loan was granted and they received $133,000 to help grow their Fairmont, West Virginia business.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE PARTS AND ACCESSORIES
FAIRMONT, WV 26554

SBA Loan Lender

WESBANCO BANK, INC.
140 W MAIN ST
CLARKSBURG, WV 26302

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3714 - Motor Vehicle Parts and Accessories

NAICS Code

336350 - Motor Vehicle Transmission and Power Train Parts Manufacturing

Loan Approval Date

9/11/2001

Loan Approval Gross Amount

$133,000

Loan Approval from the SBA

Of the total $133,000 loan amount, the SBA guaranteed $113,050.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.

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

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Wesbanco Bank, Inc. so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Small Business Loan

SBA Banks in Clarksburg, West Virginia

SBA Lenders in West Virginia