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May 5, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Newport News, Business Loans > Old Point National Bank - Phoebus Newport News Business Loans > Petland Loan | ||||
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I Need Commercial Loans to Buy a Franchise in Hampton, Virginia
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Hampton, VA Entrepreneur Gets SBA Loan to Buy Petland FranchiseBorrowing money to buy a Petland franchise? Old Point National Bank - Phoebus has a history of making these loans and they are guaranteed by the SBA. Petland franchise loans are available to Hampton, Virginia entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Old Point National Bank - Phoebus, based in Newport News, Virginia, issued an SBA franchise loan for a Petland franchise in 2001. We've got all the details on this Virginia small business loan. SBA Loan Borrower PETLAND SBA Loan Lender OLD POINT NATIONAL BANK - PHOEBUS This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5999 - Retail Stores NAICS Code 453910 - Pet and Pet Supplies Stores Loan Approval Date 4/19/2001 Loan Approval Gross Amount $215,000 Loan Approval from the SBA Of the total $215,000 loan amount, the SBA guaranteed $161,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Petland franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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 Newport News, Virginia Banks for Small Business
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