SBA Loan from Townebank Helps Child Day Care Services Company

Townebank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Virginia entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Newport News, Virginia was an essential business goal for this firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Townebank, operating out of Newport News, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
NEWPORT NEWS, VA 23601

SBA Loan Lender

TOWNEBANK
1 OLD OYSTER POINT RD, STE 10
NEWPORT NEWS, VA 23602

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8351 - Child Day Care Services

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

6/7/2002

Loan Approval Gross Amount

$135,000

Loan Approval from the SBA

Of the total $135,000 loan amount, the SBA guaranteed $114,750.

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 8 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you need business start up money in Newport News VA, you ought to talk with a local Newport News SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Newport News businesses.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Small Business Credit Cards

Where to Get an SBA Loan in Newport News, Virginia

Virginia SBA 7A Lenders