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May 14, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Baltimore, Business Loans > Manufacturers & Traders Trust Baltimore Business Loans > Laundry And Garment Services Loan | ||||
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SBA Lenders in Virginia
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Manufacturers & Traders Trust SBA Loan to Laundry And Garment Services CompanyManufacturers & Traders Trust and the SBA work together to get business loans for growing small businesses. Here's an example of how a Virginia entrepreneur was able to get a loan to take a small business to the next level. This growing company knew how to go about getting a business bank loan. Based in Chantilly, Virginia, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Manufacturers & Traders Trust, based in Baltimore, Maryland. SBA Loan Borrower COMPANY TYPE: LAUNDRY AND GARMENT SERVICES SBA Loan Lender MANUFACTURERS & TRADERS TRUST As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7219 - Laundry and Garment Services Loan Approval Date 8/24/2000 Loan Approval Gross Amount $270,000 Loan Approval from the SBA Of the total $270,000 loan amount, the SBA guaranteed $202,500. 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 indicated that the loan would help retain 19 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Manufacturers & Traders Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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 Baltimore, Maryland Banks for Small Business
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