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May 17, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Strasburg, Business Loans > First Bank Strasburg Business Loans > Trucking Loan | ||||
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Virginia Bank SBA Loans
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First Bank SBA Loan to Trucking CompanyWant a Virginia SBA loan? Here's one Virginia business loan that was approved by the SBA. This up and coming company knew how to go about getting a business bank loan. Based in Elkton, Virginia, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was First Bank, based in Strasburg, Virginia. SBA Loan Borrower COMPANY TYPE: TRUCKING SBA Loan Lender FIRST BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 4213 - Trucking Loan Approval Date 8/24/2000 Loan Approval Gross Amount $36,000 Loan Approval from the SBA Of the total $36,000 loan amount, the SBA guaranteed $28,800. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide money to small business owners for working capital for other expenses. 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:
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