Morgantown, West Virginia Entrepreneur Gets a Bank Loan

West VirginiaBank loans are available to West Virginia firms through the SBA. In this case, a West Virginia bank provides the loan.

This small business, based in Morgantown, 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 Wesbanco Bank, Inc.. We've got the inside scoop on this West Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: PASSENGER CAR RENTAL
MORGANTOWN, WV 26505

SBA Loan Lender

WESBANCO BANK, INC.
1 BANK PLZ
WHEELING, WV 26003

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7514 - Passenger Car Rental

NAICS Code

532111 - Passenger Car Rental

Loan Approval Date

5/11/2004

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 9 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a company in Morgantown WV, you ought to talk with a local Morgantown SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Morgantown 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.

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