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May 5, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Elizabethton, Business Loans > Citizens Bank Elizabethton Business Loans > Physical Fitness Facilities Loan | ||||
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Business Loan from Citizens Bank
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Abingdon, Virginia Business Gets SBA-Guaranteed Funding from Citizens BankAn SBA loan from Citizens Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Abingdon, Virginia business owner got a $145,000 loan. This growing company knew how to go about getting a business bank loan. Based in Abingdon, Virginia, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Citizens Bank, based in Elizabethton, Tennessee. SBA Loan Borrower COMPANY TYPE: PHYSICAL FITNESS FACILITIES SBA Loan Lender CITIZENS BANK This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7991 - Physical Fitness Facilities NAICS Code 713940 - Fitness and Recreational Sports Centers Loan Approval Date 7/24/2001 Loan Approval Gross Amount $145,000 Loan Approval from the SBA Of the total $145,000 loan amount, the SBA guaranteed $123,250. 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 13 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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 Citizens Bank 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. Related Links: Realistic Debt Financing Options SBA Banks in Elizabethton, Tennessee Find an SBA Lender in Tennessee
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