Borrowing Money for Lawyers

With these loans for lawyers, the SBA guarantees the lender that the loan will be repaid. This lawyers loan for $226,900 was given to a Virginia entrepreneur in 2000.

This company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with First Commun Bank, out of Richmond, Virginia. The loan was granted and they received $226,900 to help grow their Richmond, Virginia business.

SBA Loan Borrower

COMPANY TYPE: LEGAL SERVICES
RICHMOND, VA 23230

SBA Loan Lender

FIRST COMMUN BANK
9310 MIDLOTHIAN TPKE
RICHMOND, VA 23235

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8111 - Legal Services

NAICS Code

541110 - Lawyers

Loan Approval Date

1/4/2000

Loan Approval Gross Amount

$226,900

Loan Approval from the SBA

Of the total $226,900 loan amount, the SBA guaranteed $170,175.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Commun Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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 Incubators

Good Banks for Small Business in Richmond, Virginia

Getting an SBA Loan in Virginia