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May 14, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Hampton, Business Loans > Old Point National Bank - Phoebus Hampton Business Loans > Business Services Loan | ||||
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Virginia Bank SBA Loans
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Old Point National Bank - Phoebus SBA Loan to Business Services CompanyLooking to get a Virginia small business loan? Here's one Virginia business loan that was approved by the SBA. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Newport News, Virginia was able to borrow $95,000 from Old Point National Bank - Phoebus. The SBA made the loan possible by guaranteeing $76,000 of this Virginia small business loan. SBA Loan Borrower COMPANY TYPE: BUSINESS SERVICES SBA Loan Lender OLD POINT NATIONAL BANK - PHOEBUS This SBA business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7389 - Business Services Loan Approval Date 2/22/2000 Loan Approval Gross Amount $95,000 Loan Approval from the SBA Of the total $95,000 loan amount, the SBA guaranteed $76,000. 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 2 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Old Point National Bank - Phoebus and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Good Banks for Small Business in Hampton, Virginia
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