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April 28, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Richmond, Business Loans > Branch Bank & Trust Richmond Business Loans > Communications Services Loan | ||||
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Richmond, Virginia Bank for SBA Loans
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Where to Get Capital for Cellular and WirelessWith these small business loans for cellular and wireless, the SBA guarantees the lender that the loan will be repaid. This cellular and wireless loan for $136,000 was given to a Virginia entrepreneur in 2001. This small firm knew how to go about getting a business bank loan. Based in Richmond, Virginia, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Branch Bank & Trust, based in Richmond, Virginia. SBA Loan Borrower COMPANY TYPE: COMMUNICATIONS SERVICES SBA Loan Lender BRANCH BANK & TRUST This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 4899 - Communications Services NAICS Code 513322 - Cellular and Wireless Loan Approval Date 2/28/2001 Loan Approval Gross Amount $136,000 Loan Approval from the SBA Of the total $136,000 loan amount, the SBA guaranteed $115,600. 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. The SBA loan documents did not indicate that the company promised to use the money to hire new employees or retain any existing employees. 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: Obtaining Funding - Friends and Family Small Bank Loans in Richmond, Virginia
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