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November 16, 2024 |
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| Home > Small Business Lenders by State > West Virginia Business Loan Sources > Moorefield, Business Loans > First United Bank & Trust Moorefield Business Loans > Courier Services Loan | ||||
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Business Loan from First United Bank & Trust
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Business Loan from First United Bank & Trust Given to Courier Services CompanyFirst United Bank & Trust and the SBA work together to get business loans for growing small businesses. Here's an example of how a West Virginia entrepreneur was able to get a loan to take a small business to the next level. This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with First United Bank & Trust, out of Moorefield, West Virginia. The loan was granted and they received $33,500 to help grow their New Creek, West Virginia business. SBA Loan Borrower COMPANY TYPE: COURIER SERVICES SBA Loan Lender FIRST UNITED BANK & TRUST This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 4215 - Courier Services NAICS Code 492110 - Couriers and Express Delivery Services Loan Approval Date 11/8/2001 Loan Approval Gross Amount $33,500 Loan Approval from the SBA Of the total $33,500 loan amount, the SBA guaranteed $28,475. 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 only one employee. The loan application did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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 Moorefield, West Virginia Banks for Small Business
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