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May 9, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Reston, Business Loans > Millennium Bank Reston Business Loans > Gasoline Stations Loan | ||||
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SBA Lenders That Lend to Virginia Business Owners
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Fairfax Station (rr Name Fairf, Virginia Entrepreneur Gets an SBA LoanSBA loans in Virginia are are few and far betweeen these days. We take a look at one Virginia SBA loan, provided by a Virginia bank, that was approved by the SBA. This business, based in Fairfax Station (rr Name Fairf, Virginia, 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 Millennium Bank. We've got the inside scoop on this Virginia small business loan. SBA Loan Borrower COMPANY TYPE: GASOLINE STATIONS SBA Loan Lender MILLENNIUM BANK This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 447190 - Gasoline Stations Loan Approval Date 3/23/2006 Loan Approval Gross Amount $1,207,000 Loan Approval from the SBA Of the total $1,207,000 loan amount, the SBA guaranteed $905,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 14 employees. The loan application indicated that the loan would help retain 14 existing jobs. Start the Process for Getting an SBA Loan Today! SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: Family and Friend Investors - Your First Financiers SBA Participating Banks in Reston, Virginia
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