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December 21, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Norfolk, Business Loans > Bank Of The Commonwealth Norfolk Business Loans > Personal Services Loan | ||||
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SBA Lenders in Virginia
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How to Get a Loan for Personal ServicesLooking for business loans for personal services? The SBA may be the answer. This $26,000 personal services loan was issued by a Virginia bank. This small business knew how to go about getting a business bank loan. Based in Virginia Beach, Virginia, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Bank Of The Commonwealth, based in Norfolk, Virginia. SBA Loan Borrower COMPANY TYPE: PERSONAL SERVICES SBA Loan Lender BANK OF THE COMMONWEALTH 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 7299 - Personal Services NAICS Code 812990 - Personal Services Loan Approval Date 6/15/2001 Loan Approval Gross Amount $26,000 Loan Approval from the SBA Of the total $26,000 loan amount, the SBA guaranteed $22,100. 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 4 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of The Commonwealth that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Accountant's Role in Securing Financing
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