Business Loan from Monarch Bank Given to Optical Goods Stores Company

Monarch Bank 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 Virginia Beach, Virginia was an essential business goal for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Monarch Bank, operating out of Chesapeake, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: OPTICAL GOODS STORES
VIRGINIA BEACH, VA 23451

SBA Loan Lender

MONARCH BANK
1101 EXECUTIVE BLVD
CHESAPEAKE, VA 23320

This lender processed this SBA 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

446130 - Optical Goods Stores

Loan Approval Date

2/11/2005

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $100,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 11 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 10 existing jobs.

Great, But How Can I Get an SBA Loan for My 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 Monarch Bank 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.

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