Williamsburg, VA Entrepreneur Gets SBA Loan to Buy Texaco Service Station Franchise

Borrowing money to buy a Texaco Service Station franchise? Old Point National Bank - Phoebus has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Williamsburg, Virginia needed money to invest in a Texaco Service Station franchise back in 2003. Old Point National Bank - Phoebus issued an SBA franchise loan. Here are the details on this Virginia small business loan.

SBA Loan Borrower

WILLIAMSBURG TEXACO & BUS
WILLIAMSBURG, VA 23188

SBA Loan Lender

OLD POINT NATIONAL BANK - PHOEBUS
5273 JOHN TYLER HWY
WILLIAMSBURG, VA 23185

This lender issued this particular commercial 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

5411 - Grocery Stores

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

4/23/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Texaco Service Station franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Old Point National Bank - Phoebus and they will explain how you can get an SBA loan for your company.

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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