SBA Loan from The First State Bank Helps Fire, Marine, And Casualty Insurance Company

The First State Bank has a track record as a leading provider of SBA loans. Find out how this West Virginia entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Huntington, West Virginia was able to borrow $331,000 from The First State Bank. The SBA made the loan possible by guaranteeing $248,250 of this West Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: FIRE, MARINE, AND CASUALTY INSURANCE
HUNTINGTON, WV 25701

SBA Loan Lender

THE FIRST STATE BANK
660 CENTRAL AVE
BARBOURSVILLE, WV 25504

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

6331 - Fire, Marine, and Casualty Insurance

NAICS Code

524126 - Direct Property and Casualty Insurance Carriers

Loan Approval Date

8/3/2004

Loan Approval Gross Amount

$331,000

Loan Approval from the SBA

Of the total $331,000 loan amount, the SBA guaranteed $248,250.

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

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into The First State Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Obtaining Funding - How to Borrow Money

Good Banks for Small Business in Barboursville, West Virginia

Find an SBA Lender in West Virginia