Palestine, West Virginia Business Gets SBA-Guaranteed Funding from First Neighborhood Bank, Inc.

An SBA loan from First Neighborhood Bank, Inc. typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Palestine, West Virginia business owner got a $350,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Palestine, West Virginia was able to borrow $350,000 from First Neighborhood Bank, Inc.. The SBA made the loan possible by guaranteeing $262,500 of this West Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: SPORTING AND RECREATIONAL GOODS AND SUPPLIES
PALESTINE, WV 26160

SBA Loan Lender

FIRST NEIGHBORHOOD BANK, INC.
216 MARKET ST
SPENCER, WV 25276

This lender issued this SBA loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5091 - Sporting and Recreational Goods and Supplies

NAICS Code

423910 - Sporting and Recreational Goods and Supplies Merchant Wholesalers

Loan Approval Date

8/20/2003

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

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 2 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a company in Palestine WV, you ought to talk with a local Palestine SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Palestine businesses.

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 First Neighborhood Bank, Inc. 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:

Business Credit Evaluation

Small Bank Loans in Spencer, West Virginia

Find an SBA Lender in West Virginia