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May 14, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Charlotte, Business Loans > Bank Of America Charlotte Business Loans > Nondurable Goods Loan | ||||
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Bank Of America
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Business Loan from Bank Of America Given to Nondurable Goods CompanyBank Of America is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Virginia entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Herndon, Virginia was able to borrow $231,500 from Bank Of America. The SBA made the loan possible by guaranteeing $173,625 of this Virginia small business loan. SBA Loan Borrower COMPANY TYPE: NONDURABLE GOODS SBA Loan Lender BANK OF AMERICA This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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 5199 - Nondurable Goods Loan Approval Date 6/19/2000 Loan Approval Gross Amount $231,500 Loan Approval from the SBA Of the total $231,500 loan amount, the SBA guaranteed $173,625. 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 30 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. While you may be able to find business people willing to loan money, 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: Best Banks for Small Business in Charlotte, North Carolina
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