Hayes, Virginia Entrepreneur Gets a Small Business Loan

Want a Virginia small business loan? This Virginia entrepreneur got a small business loan, provided by a North Carolina bank that works with the SBA to help small business owners.

This business, based in Hayes, Virginia, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Branch Bank & Trust. We've got the inside scoop on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: STORE RETAILERS
HAYES, VA 23072

SBA Loan Lender

BRANCH BANK & TRUST
200 W 2ND ST
WINSTON SALEM, NC 27101

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

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453998 - Store Retailers

Loan Approval Date

1/29/2008

Loan Approval Gross Amount

$266,400

Loan Approval from the SBA

Of the total $266,400 loan amount, the SBA guaranteed $199,800.

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. The loan application indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Branch Bank & Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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