Branch Bank & Trust SBA Loan to Motor Vehicle Parts, Used Company

Want a Virginia business loan? Here's one Virginia business loan that was approved by the SBA.

This growing firm needed an SBA business loan in Hillsville, Virginia back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Branch Bank & Trust, operating out of Wytheville, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE PARTS, USED
HILLSVILLE, VA 24343

SBA Loan Lender

BRANCH BANK & TRUST
170 E MAIN ST
WYTHEVILLE, VA 24382

This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5015 - Motor Vehicle Parts, Used

Loan Approval Date

4/27/2000

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $68,000.

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 2 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

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Where to Get an SBA Loan in Wytheville, Virginia

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