SBA Loan from Cardinal Bank Helps Photofinishing Laboratories Company
Cardinal Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a District of Columbia entrepreneur was able to get a loan to take a small business to the next level.
This growing company knew how to go about getting a business bank loan. Based in Washington, District of Columbia, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Cardinal Bank, based in Sterling, Virginia.
SBA Loan Borrower
COMPANY TYPE: PHOTOFINISHING LABORATORIES
WASHINGTON, DC 99999
SBA Loan Lender
CARDINAL BANK
46005 REGAL PLAZA, STE 180
STERLING, VA 20165
This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7384 - Photofinishing Laboratories
Loan Approval Date
5/17/2000
Loan Approval Gross Amount
$72,500
Loan Approval from the SBA
Of the total $72,500 loan amount, the SBA guaranteed $58,000.
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 15 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cardinal Bank 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:
Investor Turnoffs
SBA Participating Banks in Sterling, Virginia
Getting an SBA Loan in Virginia