Borrowing Money for Child Day Care Services

With these loans for child day care services, the SBA guarantees the lender that the loan will be repaid. This child day care services loan for $125,000 was given to a West Virginia entrepreneur in 2000.

This small firm knew how to go about getting a business bank loan. Based in Shady Spring, West Virginia, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was First Commun Bank, based in Beckley, West Virginia.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
SHADY SPRING, WV 25918

SBA Loan Lender

FIRST COMMUN BANK
111 CITIZENS DR
BECKLEY, WV 25801

This lender issued this particular bank loan 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.

SIC Code

8351 - Child Day Care Services

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

9/15/2000

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $93,750.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 6 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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:

Strategic Investors

SBA Participating Banks in Beckley, West Virginia

Getting an SBA Loan in West Virginia