West Virginia Bank Loan Issued to Security Brokers And Dealers Company

Business loans in West Virginia are tough to come by these days. We take a look at one West Virginia business loan, provided by a West Virginia bank, that was approved by the SBA.

Getting a small business loan in Weston, West Virginia was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Wesbanco Bank, Inc.. Here are the details on this West Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: SECURITY BROKERS AND DEALERS
WESTON, WV 26452

SBA Loan Lender

WESBANCO BANK, INC.
140 W MAIN ST
CLARKSBURG, WV 26302

This lender issued this particular SBA small business 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

6211 - Security Brokers and Dealers

NAICS Code

523999 - Financial Investment Activities

Loan Approval Date

9/13/2002

Loan Approval Gross Amount

$91,000

Loan Approval from the SBA

Of the total $91,000 loan amount, the SBA guaranteed $77,350.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Direct Public Offerings

Best Banks for Small Business in Clarksburg, West Virginia

Getting a Business Loan in West Virginia