Local Business Gets a Virginia Business Loan

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

Getting a small business loan in Gloucester Point, Virginia was a top priority for this SBA-financed company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Branch Bank & Trust. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: BOAT BUILDING AND REPAIRING
GLOUCESTER POINT, VA 23062

SBA Loan Lender

BRANCH BANK & TRUST
823 E MAIN ST
RICHMOND, VA 23219

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3732 - Boat Building and Repairing

NAICS Code

811490 - Personal and Household Goods Repair and Maintenance

Loan Approval Date

5/16/2003

Loan Approval Gross Amount

$102,000

Loan Approval from the SBA

Of the total $102,000 loan amount, the SBA guaranteed $86,700.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 8 employees. The loan application did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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