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May 16, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Arlington, Business Loans > Virginia Commerce Bank Arlington Business Loans > General Automotive Repair Shops Loan | ||||
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Virginia Commerce Bank
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Virginia Commerce Bank SBA Loan to General Automotive Repair Shops CompanyAn SBA loan from Virginia Commerce Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Alexandria, Virginia business owner got a $400,000 loan. This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Virginia Commerce Bank, out of Arlington, Virginia. The loan was granted and they received $400,000 to help grow their Alexandria, Virginia business. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender VIRGINIA COMMERCE BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to to our country's hard-working small business owners. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 4/18/2000 Loan Approval Gross Amount $400,000 Loan Approval from the SBA Of the total $400,000 loan amount, the SBA guaranteed $300,000. 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 5 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to increase staffing levels 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. 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: Good Banks for Small Business in Arlington, Virginia Getting an SBA Loan in Virginia
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