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December 23, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Oakland, Business Loans > Innovative Bank Oakland Business Loans > Commercial And Service Industry Machinery Manufacturing Loan | ||||
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Business Loans for Richmond Businesses
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Commercial and Service Industry Machinery Manufacturing Commercial LoansWith these commercial loans for commercial and service industry machinery manufacturing, the SBA guarantees the lender that the loan will be repaid. This commercial and service industry machinery manufacturing loan for $20,000 was given to a Virginia entrepreneur in 2006. Getting a small business loan in Richmond, Virginia was important for this small business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Innovative Bank, operating out of Oakland, California. Here are the details on this Virginia small business loan. SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND SERVICE INDUSTRY MACHINERY MANUFACTURING SBA Loan Lender INNOVATIVE BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA bank loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333319 - Commercial and Service Industry Machinery Manufacturing Loan Approval Date 8/3/2006 Loan Approval Gross Amount $20,000 Loan Approval from the SBA Of the total $20,000 loan amount, the SBA guaranteed $17,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 2 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Innovative Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Innovative Bank 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. Related Links: Where to Get an SBA Loan in Oakland, California
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