Growing Company Gets a West Virginia SBA Loan

Bank loans in West Virginia are hard to find these days. We take a look at one West Virginia bank loan, provided by a West Virginia bank, that was approved by the SBA.

Getting a small business loan in Huntington, West Virginia was a top priority for this loan applicant back in 2006 and, based on their loan application, they were successful in getting an SBA loan from First Sentry Bank, Inc.. Here are the details on this West Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: CHIROPRACTORS
HUNTINGTON, WV 25705

SBA Loan Lender

FIRST SENTRY BANK, INC.
6501 MUD RIVER RD
BARBOURSVILLE, WV 25504

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide debt financing to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621310 - Chiropractors

Loan Approval Date

7/19/2006

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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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