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May 15, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Suffolk, Business Loans > Suntrust Bank Suffolk Business Loans > Farm Supplies Loan | ||||
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Suffolk, Virginia SBA Banks
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Suffolk, Virginia Lender Lends Money to Farm Supplies CompanyThinking about meeting with a Suffolk, Virginia bank about a small business loan? Here's one Virginia business loan, issued by a Suffolk bank, that was approved by the SBA. Applying for an SBA loan with Suntrust Bank worked out well for our friends at one local company in Carrsville, Virginia. They received an SBA loan for $300,000. Sweet! SBA Loan Borrower COMPANY TYPE: FARM SUPPLIES SBA Loan Lender SUNTRUST BANK This lender issued this SBA small business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5191 - Farm Supplies NAICS Code 424910 - Farm Supplies Merchant Wholesalers Loan Approval Date 7/25/2006 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $225,000. 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 3 employees. This SBA loan request did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. We've showcased information on this loan to let you know that businesses like yours 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: SBA 7A Lenders in Suffolk, Virginia
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