Company Gets a Virginia Bank Loan

Want a Virginia SBA loan? This Virginia entrepreneur got an SBA loan, provided by a Virginia bank that works with the SBA to help small business owners.

Getting a small business loan in Warsaw, Virginia was a top priority for this particular business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Bank Of Lancaster. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
WARSAW, VA 22572

SBA Loan Lender

BANK OF LANCASTER
100 S MAIN ST
KILMARNOCK, VA 22482

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

5999 - Retail Stores

Loan Approval Date

7/6/2000

Loan Approval Gross Amount

$59,500

Loan Approval from the SBA

Of the total $59,500 loan amount, the SBA guaranteed $47,600.

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 documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Alternative Financing

Small Business Banks in Kilmarnock, Virginia

Virginia SBA 7A Banks