Commercial Loans for General Merchandise Stores

With these commercial loans for general merchandise stores, the SBA guarantees the lender that the loan will be repaid. This general merchandise stores loan for $53,200 was given to a West Virginia entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Moundsville, West Virginia was able to borrow $53,200 from Progressive Bank. The SBA made the loan possible by guaranteeing $45,220 of this West Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: VARIETY STORES
MOUNDSVILLE, WV 26041

SBA Loan Lender

PROGRESSIVE BANK
875 NATIONAL RD
WHEELING, WV 26003

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.

SIC Code

5331 - Variety Stores

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

6/23/2003

Loan Approval Gross Amount

$53,200

Loan Approval from the SBA

Of the total $53,200 loan amount, the SBA guaranteed $45,220.

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 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Progressive Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Progressive Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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