Business Loan from Old Point National Bank - Phoebus Given to Television Broadcasting Company

An SBA loan from Old Point National Bank - Phoebus typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Portsmouth, Virginia business owner got a $150,000 loan.

Getting a small business loan in Portsmouth, Virginia was an essential business goal for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Old Point National Bank - Phoebus, operating out of Hampton, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: TELEVISION BROADCASTING
PORTSMOUTH, VA 23703

SBA Loan Lender

OLD POINT NATIONAL BANK - PHOEBUS
1 W MELLEN ST
HAMPTON, VA 23663

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.

NAICS Code

513120 - Television Broadcasting

Loan Approval Date

7/30/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Old Point National Bank - Phoebus had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Old Point National Bank - Phoebus made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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