Suffolk, VA Entrepreneur Gets SBA Loan to Buy Line-X Franchise

Borrowing money to invest in a Line-X franchise? Resource Bank has a history of making these loans and they are guaranteed by the SBA.

Line-X franchise loans are available to Suffolk, Virginia entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Resource Bank, based in Virginia Beach, Virginia, issued an SBA franchise loan for a Line-X franchise in 2006. We've got all the details on this Virginia small business loan.

SBA Loan Borrower

LINE X OF SUFFOLK
SUFFOLK, VA 23434

SBA Loan Lender

RESOURCE BANK
4429 BONNEY RD, STE 300
VIRGINIA BEACH, VA 23462

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

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

6/9/2006

Loan Approval Gross Amount

$185,000

Loan Approval from the SBA

Of the total $185,000 loan amount, the SBA guaranteed $138,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Line-X franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

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.

We can help you find the best banks for small businesses in Suffolk or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Line-X Corp.

Alternative Financing

Banks in Virginia Beach, Virginia

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