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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 > Food Preparations Loan | ||||
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SBA Loan from Millennium Bank
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Business Loan from Millennium Bank Given to Food Preparations CompanyAn SBA loan from Millennium Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Sterling, Virginia business owner got a $105,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sterling, Virginia was able to borrow $105,000 from Millennium Bank. The SBA made the loan possible by guaranteeing $89,250 of this Virginia small business loan. SBA Loan Borrower COMPANY TYPE: FOOD PREPARATIONS SBA Loan Lender MILLENNIUM BANK This lender issued this loan for a small business under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 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 2099 - Food Preparations NAICS Code 311920 - Coffee and Tea Manufacturing Loan Approval Date 4/17/2002 Loan Approval Gross Amount $105,000 Loan Approval from the SBA Of the total $105,000 loan amount, the SBA guaranteed $89,250. 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 19 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $105,000 loan. Remember, where there is a will, there is a way! 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 Reston, Virginia
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