Barboursville, West Virginia Lender Lends Money to Industrial And Commercial Machinery And Equipment Company

A Barboursville, West Virginia small business loan can be yours. Learn how one firm got a $77,472 business loan from this West Virginia bank.

This loan to an entrepreneur is a good example of an SBA loan. The First State Bank made the loan and the SBA guaranteed a portion of the loan. Many other West Virginia entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
WAYNE, WV 25570

SBA Loan Lender

THE FIRST STATE BANK
660 CENTRAL AVE
BARBOURSVILLE, WV 25504

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

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

332710 - Machine Shops

Loan Approval Date

8/29/2001

Loan Approval Gross Amount

$77,472

Loan Approval from the SBA

Of the total $77,472 loan amount, the SBA guaranteed $65,851.

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

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. The First State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, The First State Bank 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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