Financing for Household Vacuum Cleaner Manufacturing

Looking for loans for household vacuum cleaner manufacturing? The SBA may be the answer. This $300,000 household vacuum cleaner manufacturing loan was issued by a Virginia bank.

This company knew how to go about getting a business bank loan. Based in Roanoke, Virginia, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Fnb Salem Bank & Trust, based in Salem, Virginia.

SBA Loan Borrower

COMPANY TYPE: HOUSEHOLD VACUUM CLEANERS
ROANOKE, VA 24017

SBA Loan Lender

FNB SALEM BANK & TRUST
110 E MAIN ST
SALEM, VA 24153

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 commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3635 - Household Vacuum Cleaners

NAICS Code

335212 - Household Vacuum Cleaner Manufacturing

Loan Approval Date

7/29/2005

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

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 documents did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

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 Fnb Salem Bank & Trust 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:

Advice on Getting a Small Business Loan

Best Salem, Virginia Banks for Small Business

Getting a Business Loan in Virginia