Local Business Gets a Virginia Small Business Loan

Would a Virginia business loan help your company expand? If so, you may want to talk with this Virginia bank, which offers SBA loans to Virginia entrepreneurs.

Getting a small business loan in Norfolk, Virginia was a top priority for this SBA-financed company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Bank Of The Commonwealth. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: NONUPHOLSTERED WOOD HOUSEHOLD FURNITURE MANUFACTURING
NORFOLK, VA 23504

SBA Loan Lender

BANK OF THE COMMONWEALTH
403 BOUSH ST
NORFOLK, VA 23510

The lender provided this SBA business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

337122 - Nonupholstered Wood Household Furniture Manufacturing

Loan Approval Date

9/6/2007

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $175,000.

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 81 employees. The loan application indicated that the loan would help generate 10 new jobs and retain 81 existing jobs.

Start the Process for Getting an SBA Loan Today!

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.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Bank Of The Commonwealth so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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