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May 19, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Staunton, Business Loans > Planters Bank & Trust - Virginia Staunton Business Loans > Sewing, Needlework, And Piece Goods Stores Loan | ||||
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Who Lends Money to Staunton Business Owners
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Company Gets a Virginia Bank LoanVirginiaSBA loans are available to Virginia entrepreneurs through the SBA. In this case, a Virginia bank provides the loan. By giving the right information to Planters Bank & Trust - Virginia, this Staunton, Virginia business was able to get an SBA loan. To get this loan, the applying company gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: SEWING, NEEDLEWORK, AND PIECE GOODS STORES SBA Loan Lender PLANTERS BANK & TRUST - VIRGINIA 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 5949 - Sewing, Needlework, and Piece Goods Stores NAICS Code 451130 - Sewing, Needlework, and Piece Goods Stores Loan Approval Date 10/20/2000 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $40,000. 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 7 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Planters Bank & Trust - Virginia had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Planters Bank & Trust - Virginia made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Role of Business Plan When Raising Money SBA 7A Banks in Staunton, Virginia
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