Raising Money for Building Material Dealers

With these bank loans for building material dealers, the SBA guarantees the lender that the loan will be repaid. This building material dealers loan for $80,000 was given to a Virginia entrepreneur in 2003.

Getting a small business loan in Rocky Mount, Virginia was important for this growing firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Franklin Commun Bank, operating out of Rocky Mount, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: BRICK, STONE, AND RELATED CONSTRUCTION MATERIALS
ROCKY MOUNT, VA 24151

SBA Loan Lender

FRANKLIN COMMUN BANK
400 OLD FRANKLIN TPKE, STE 10
ROCKY MOUNT, VA 24151

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5032 - Brick, Stone, and Related Construction Materials

NAICS Code

444190 - Building Material Dealers

Loan Approval Date

9/5/2003

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

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 4 employees. The loan application did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

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 Franklin Commun Bank 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

Who Lends Money to Small Businesses in Rocky Mount, Virginia

SBA Participating Banks in Virginia