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February 23, 2025 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Mclean, Business Loans > Capital One Mclean Business Loans > Men's And Boys' Clothing And Furnishings Merchant Wholesalers Loan | ||||
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Kennedyville, Maryland Bank for SBA Loans
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Financing for Men's and Boys' Clothing and Furnishings Merchant WholesalersLooking for commercial loans for men's and boys' clothing and furnishings merchant wholesalers? An SBA loan may be just what you've been looking for. This $150,000 men's and boys' clothing and furnishings merchant wholesalers loan was issued by a Virginia bank. This business knew how to go about getting a business bank loan. Based in Kennedyville, Maryland, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Capital One, based in Mclean, Virginia. SBA Loan Borrower COMPANY TYPE: MEN'S AND BOYS' CLOTHING AND FURNISHINGS MERCHANT WHOLESALERS SBA Loan Lender CAPITAL ONE This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 424320 - Men's and Boys' Clothing and Furnishings Merchant Wholesalers Loan Approval Date 12/17/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 only one employee. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: Best Mclean, Virginia Banks for Small Business Getting an SBA Loan in Virginia
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