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May 13, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Richmond, Business Loans > Suntrust Bank Richmond Business Loans > Building Material Dealers Loan | ||||
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Banks for Small Businesses in Maryland
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Suntrust Bank Gives SBA Loan to Building Material Dealers CompanyMarylandSmall business loans are available to Maryland small business owners through the SBA. In this case, a Virginia bank provides the loan. This business, based in Beltsville, Maryland, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Suntrust Bank. We've got the inside scoop on this Maryland small business loan. SBA Loan Borrower COMPANY TYPE: BUILDING MATERIAL DEALERS SBA Loan Lender SUNTRUST BANK The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 444190 - Building Material Dealers Loan Approval Date 8/29/2006 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. 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 14 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 14 existing jobs. Getting an SBA Loan For Your Business SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Determining Proper Capital Structure for a Business Small Business Banks in Richmond, Virginia SBA Participating Banks in Virginia
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