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November 15, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Richmond, Business Loans > Suntrust Bank Richmond Business Loans > Schools And Instruction Loan | ||||
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Richmond, Virginia SBA Banks
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Richmond, Virginia Lender Lends Money to Schools And Instruction CompanyThinking about meeting with a Richmond, Virginia bank about a business loan? Here's one Florida business loan, issued by a Richmond bank, that was approved by the SBA. Applying for an SBA loan with Suntrust Bank worked out well for our friends at one local company in Lake Mary, Florida. The business was able to get an SBA loan for $100,000. Sweet! SBA Loan Borrower COMPANY TYPE: SCHOOLS AND INSTRUCTION SBA Loan Lender SUNTRUST BANK The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 611699 - Schools and Instruction Loan Approval Date 4/16/2007 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. 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 12 employees. The SBA loan application for the borrower indicated that the loan would help generate 10 new jobs and retain 12 existing jobs. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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 Richmond, Virginia Banks for Small Business Browse All Business Loan Sources for Virginia
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