Entrepreneur Works With Chesapeake, Virginia Bank to Get an SBA Loan

Want to talk with a Chesapeake, Virginia bank about a small business loan? Here's one Virginia business loan, issued by a Chesapeake bank, that was approved by the SBA.

Applying for an SBA loan with Monarch Bank worked out well for our friends at one local firm in Norfolk, Virginia. They received an SBA loan for $200,000. Great job!

SBA Loan Borrower

COMPANY TYPE: MEDICAL, DENTAL, AND HOSPITAL EQUIPMENT AND SUPPLIES MERCHANT WHOLESALERS
NORFOLK, VA 23517

SBA Loan Lender

MONARCH BANK
1101 EXECUTIVE BLVD
CHESAPEAKE, VA 23320

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

423450 - Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers

Loan Approval Date

7/14/2004

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $100,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 19 employees. The loan application indicated that the loan would help create 3 new jobs.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Norfolk VA, you ought to talk with a local Norfolk SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Norfolk businesses.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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SBA Banks in Chesapeake, Virginia

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