Getting an SBA Loan for Ship Building and Repairing

Looking for business loans for ship building and repairing? An SBA loan may be just what you've been looking for. This $400,000 ship building and repairing loan was issued by a Virginia bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Norfolk, Virginia was able to borrow $400,000 from Heritage Bank. The SBA made the loan possible by guaranteeing $300,000 of this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: SHIPBUILDING AND SHIP REPAIRING
NORFOLK, VA 23517

SBA Loan Lender

HERITAGE BANK
4815 COLLEY AVE
NORFOLK, VA 23508

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide commercial loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3731 - Shipbuilding and Ship Repairing

NAICS Code

336611 - Ship Building and Repairing

Loan Approval Date

6/27/2002

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

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 24 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you are interested in getting money to start a business or need money to grow a business, an SBA loan can be a great funding source

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Heritage Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Obtaining Funding - Friends and Family

SBA Banks in Norfolk, Virginia

Virginia SBA Banks