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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Richmond, Business Loans > Business Loan Center, LLC Richmond Business Loans > General Automotive Repair Loan | ||||
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Banks in Richmond, Virginia That Make SBA Loans
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Richmond, Virginia Lender Lends Money to General Automotive Repair CompanyGet to know Richmond, Virginia banks that specialize in SBA loans and know how to work with entrepreneurs. Business Loan Center, LLC is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Lockport, Illinois starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Business Loan Center, LLC. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender BUSINESS LOAN CENTER, LLC Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 5/14/2002 Loan Approval Gross Amount $805,000 Loan Approval from the SBA Of the total $805,000 loan amount, the SBA guaranteed $603,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 2 existing jobs. Next Steps for Getting an SBA Loan If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great way to raise money 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 Business Loan Center, LLC 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: SBA 7A Banks for Richmond, Virginia Loans
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