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December 22, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Staunton, Business Loans > Planters Bank & Trust - Virginia Staunton Business Loans > Legal Services Loan | ||||
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How to Get a Business Loan in Fishersville, Virginia
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Fishersville, Virginia Entrepreneur Gets a Business LoanSmall business loans in Virginia are are few and far betweeen these days. We take a look at one Virginia small business loan, provided by a Virginia bank, that was approved by the SBA. You can learn something about getting a small business loan in Fishersville, Virginia by studying this loan to a local company, made back in 2001. Banks like Planters Bank & Trust - Virginia may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: LEGAL SERVICES SBA Loan Lender PLANTERS BANK & TRUST - VIRGINIA 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 8111 - Legal Services NAICS Code 541110 - Lawyers Loan Approval Date 11/20/2001 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $34,000. 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 2 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. 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: Banking Deregulation's Effects on Entrepreneurship Where to Get an SBA Loan in Staunton, Virginia
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