South Boston, Virginia Business Gets SBA-Guaranteed Funding from Amer National Bank & Trust

Amer National Bank & Trust and the SBA work together to get business loans for growing small businesses. Here's an example of how a Virginia entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in South Boston, Virginia was an essential business goal for this firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Amer National Bank & Trust, operating out of South Boston, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: PLASTICS PRODUCTS
SOUTH BOSTON, VA 24592

SBA Loan Lender

AMER NATIONAL BANK & TRUST
3229 HALIFAX RD
SOUTH BOSTON, VA 24592

This lender issued this debt financing under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3089 - Plastics Products

NAICS Code

326199 - Plastics Product Manufacturing

Loan Approval Date

9/27/2005

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 61 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

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 Amer National 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:

Financing Your Business

SBA 7A Lenders in South Boston, Virginia

Virginia SBA 7A Lenders