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May 15, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Bristol, Business Loans > 1st Bank & Trust Bristol Business Loans > Beauty Shops Loan | ||||
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Virginia SBA Banks
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Entrepreneur Works With Bristol, Virginia Bank to Get an SBA LoanGet business loans from a Bristol, Virginia bank that knows how to treat small business owners right! If this firm can get a loan, there's no reason you can't do it too. 1st Bank & Trust is a Bristol, Virginia small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Tennessee company. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender 1ST BANK & TRUST This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring 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 7231 - Beauty Shops NAICS Code 812112 - Beauty Salons Loan Approval Date 9/10/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 26 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 SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Raising VC Money for Social Networking Companies Where to Get an SBA Loan in Bristol, Virginia
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