Springfield, Virginia Entrepreneur Gets an SBA Loan

Business loans in Virginia are are few and far betweeen these days. We take a look at one Virginia business loan, provided by a Virginia bank, that was approved by the SBA.

This company, based in Springfield, Virginia, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Provident Bank Of Maryland. We've got the inside scoop on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: PHOTOGRAPHIC FILM, PAPER, PLATE, AND CHEMICAL MANUFACTURING
SPRINGFIELD, VA 22153

SBA Loan Lender

PROVIDENT BANK OF MARYLAND
37 E MAIN ST
WARRENTON, VA 20186

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

325992 - Photographic Film, Paper, Plate, and Chemical Manufacturing

Loan Approval Date

3/13/2003

Loan Approval Gross Amount

$155,000

Loan Approval from the SBA

Of the total $155,000 loan amount, the SBA guaranteed $116,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 45 employees. The loan application indicated that the loan would help retain 45 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $155,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

VC Firms on Twitter

Find an SBA Lender in Warrenton, Virginia

Getting an SBA Loan in Virginia