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May 9, 2024 |
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| Home > Small Business Lenders by State > Mississippi Business Loan Sources > Mclean, Business Loans > Capital One Mclean Business Loans > Drycleaning And Laundry Services Loan | ||||
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Mclean, Virginia SBA Banks
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Mclean, Virginia Bank Lends Money to Drycleaning And Laundry Services Company in Hernando, MississippiWant to talk with a Mclean, Virginia bank about an SBA loan? Here's one Mississippi business loan, issued by a Mclean bank, that was approved by the SBA. Applying for an SBA loan with Capital One worked out well for our friends at one local business in Hernando, Mississippi. The business was able to get an SBA loan for $150,000. Way to go! SBA Loan Borrower COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES SBA Loan Lender CAPITAL ONE This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812320 - Drycleaning and Laundry Services Loan Approval Date 6/5/2003 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. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 Capital One 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: SBA Participating Banks in Mclean, Virginia
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