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April 19, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Washington, Business Loans > The Adams National Bank Washington Business Loans > Water, Sewer, And Utility Lines Loan | ||||
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Best Banks for Businesses in Virginia
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The Adams National Bank Gives Bank Loan to Water, Sewer, And Utility Lines CompanyLooking to get a Virginia SBA loan? This Virginia entrepreneur got an SBA loan, provided by a District of Columbia bank that works with the SBA to help small business owners. This business, based in Herndon, Virginia, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from The Adams National Bank. We've got the inside scoop on this Virginia small business loan. SBA Loan Borrower COMPANY TYPE: WATER, SEWER, AND UTILITY LINES SBA Loan Lender THE ADAMS NATIONAL BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1623 - Water, Sewer, and Utility Lines NAICS Code 234920 - Power and Communication Transmission Line Construction Loan Approval Date 12/4/2002 Loan Approval Gross Amount $1,000,000 Loan Approval from the SBA Of the total $1,000,000 loan amount, the SBA guaranteed $750,000. 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 127 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. 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 Banks for Small Business in Washington, District of Columbia District of Columbia SBA 7A Lenders
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