The First State Bank Gives Bank Loan to Supermarkets And Grocery Stores Company

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

This company, based in Lesage, West Virginia, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from The First State Bank. We've got the inside scoop on this West Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: SUPERMARKETS AND GROCERY STORES
LESAGE, WV 25537

SBA Loan Lender

THE FIRST STATE BANK
660 CENTRAL AVE
BARBOURSVILLE, WV 25504

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

445110 - Supermarkets and Grocery Stores

Loan Approval Date

2/26/2007

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $62,500.

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 26 employees. The SBA loan application for the borrower indicated that the loan would help retain 26 existing jobs.

Next Steps for Getting an SBA Loan

If you need money to start business in Lesage WV, you ought to talk with a local Lesage SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lesage businesses.

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.

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