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May 2, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Chesapeake, Business Loans > Monarch Bank Chesapeake Business Loans > Insurance Agencies And Brokerages Loan | ||||
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Examples of Virginia Beach SBA Loans
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Insurance Agencies and Brokerages Business LoansLooking for business loans for insurance agencies and brokerages? Talk to a banker who works with the SBA. This $50,000 insurance agencies and brokerages loan was issued by a Virginia bank. This business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Monarch Bank, out of Chesapeake, Virginia. The loan was granted and they received $50,000 to help grow their Virginia Beach, Virginia business. SBA Loan Borrower COMPANY TYPE: INSURANCE AGENCIES AND BROKERAGES SBA Loan Lender MONARCH BANK The lender provided this SBA bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 524210 - Insurance Agencies and Brokerages Loan Approval Date 1/26/2006 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 2 existing jobs. Start the Process for Getting an SBA Loan Today! Every year, the SBA guarantees over $10 billion for loans just like this one. 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 Monarch Bank 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:
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