Clothing Accessories Stores Loans
With these loans for clothing accessories stores, the SBA guarantees the lender that the loan will be repaid. This clothing accessories stores loan for $10,000 was given to a Virginia entrepreneur in 2006.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Suffolk, Virginia was able to borrow $10,000 from Bank Of America. The SBA made the loan possible by guaranteeing $5,000 of this Virginia small business loan.
SBA Loan Borrower
COMPANY TYPE: CLOTHING ACCESSORIES STORES
SUFFOLK, VA 23434
SBA Loan Lender
BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255
This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
448150 - Clothing Accessories Stores
Loan Approval Date
2/7/2006
Loan Approval Gross Amount
$10,000
Loan Approval from the SBA
Of the total $10,000 loan amount, the SBA guaranteed $5,000.
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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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:
Dealing With Venture Capitalists
Best Charlotte, North Carolina Banks for Small Business
North Carolina SBA Banks