Where to Get Capital for General Merchandise Stores

Looking for small business loans for general merchandise stores? Talk to a banker who works with the SBA. This $150,000 general merchandise stores loan was issued by a Virginia bank.

Getting a small business loan in Tazewell, Virginia was important for this growing firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from National Bank - Blacksburg, operating out of Tazewell, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTO AND HOME SUPPLY STORES
TAZEWELL, VA 24651

SBA Loan Lender

NATIONAL BANK - BLACKSBURG
309 E MAIN ST
TAZEWELL, VA 24651

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5531 - Auto and Home Supply Stores

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

4/3/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

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

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. National Bank - Blacksburg had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, National Bank - Blacksburg made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

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