Company Gets a Virginia SBA Loan

Would a Virginia SBA loan help your business get to the next level? If so, you may want to talk with this Virginia bank, which offers SBA loans to Virginia entrepreneurs.

You can learn something about getting a small business loan in Fredericksburg, Virginia by studying this loan to a local business, made back in 2002. Banks like Provident Bank Of Maryland may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: CARPET AND UPHOLSTERY CLEANING
FREDERICKSBURG, VA 22401

SBA Loan Lender

PROVIDENT BANK OF MARYLAND
37 E MAIN ST
WARRENTON, VA 20186

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7217 - Carpet and Upholstery Cleaning

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

7/19/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 application for the borrower did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source

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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