Growing Company Gets a Virginia SBA Loan

Would a Virginia bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this New Jersey bank, which offers SBA loans to Virginia entrepreneurs.

Getting a small business loan in Woodbridge, Virginia was a top priority for this loan applicant back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Commerce Bank/north. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING CONTRACTORS
Woodbridge, VA 22192

SBA Loan Lender

COMMERCE BANK/NORTH
1100 LAKE ST
RAMSEY, NJ 07446

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238220 - Plumbing, Heating, and Air-Conditioning Contractors

Loan Approval Date

2/8/2007

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 13 employees. This SBA loan request indicated that the loan would help retain 13 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Commerce Bank/north and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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