Personal and Household Goods Repair and Maintenance Loans

With these loans for personal and household goods repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This personal and household goods repair and maintenance loan for $255,000 was given to a Virginia entrepreneur in 2005.

This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Woori America Bank, out of Fort Lee, New Jersey. The loan was granted and they received $255,000 to help grow their Falls Church, Virginia business.

SBA Loan Borrower

COMPANY TYPE: LAUNDRY AND GARMENT SERVICES
FALLS CHURCH, VA 22044

SBA Loan Lender

WOORI AMERICA BANK
183 MAIN ST
FORT LEE, NJ 07024

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7219 - Laundry and Garment Services

NAICS Code

811490 - Personal and Household Goods Repair and Maintenance

Loan Approval Date

8/22/2005

Loan Approval Gross Amount

$255,000

Loan Approval from the SBA

Of the total $255,000 loan amount, the SBA guaranteed $191,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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.

Related Links:

Dealing With Venture Capitalists

SBA 7A Lenders in Fort Lee, New Jersey

New Jersey SBA Banks