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December 22, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Towson, Business Loans > Manufacturers & Traders Trust Towson Business Loans > Scientific And Technical Consulting Services Loan | ||||
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SBA Lenders in Herndon
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Herndon, Virginia Business Gets SBA-Guaranteed Funding from Manufacturers & Traders TrustManufacturers & Traders Trust and the SBA work together to get business loans for growing small businesses. Here's an example of how a Virginia entrepreneur was able to get a loan to take a small business to the next level. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Herndon, Virginia was able to borrow $250,000 from Manufacturers & Traders Trust. The SBA made the loan possible by guaranteeing $125,000 of this Virginia small business loan. SBA Loan Borrower COMPANY TYPE: SCIENTIFIC AND TECHNICAL CONSULTING SERVICES SBA Loan Lender MANUFACTURERS & TRADERS TRUST This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 541690 - Scientific and Technical Consulting Services Loan Approval Date 2/3/2005 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $125,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The loan application indicated that the loan would help generate 8 new jobs and retain 18 existing jobs. Great, But How Can I Get an SBA Loan for My 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. Related Links: Obtaining Funding - How to Decide How Much to Raise Best Banks in Towson, Maryland
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