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April 27, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Norfolk, Business Loans > Heritage Bank Norfolk Business Loans > Florists Loan | ||||
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Best Banks for Businesses in Virginia
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Norfolk, Virginia Entrepreneur Gets a Small Business LoanVirginiaBusiness loans are available to Virginia business owners through the SBA. In this case, a Virginia bank provides the loan. This small business, based in Norfolk, 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 Heritage Bank. We've got the inside scoop on this Virginia small business loan. SBA Loan Borrower COMPANY TYPE: FLORISTS SBA Loan Lender HERITAGE BANK This was a Low Documentation SBA loan. The SBA started this program to minimize 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. 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. SIC Code 5992 - Florists NAICS Code 453110 - Florists Loan Approval Date 3/27/2002 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. 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 2 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans provide smart, affordable business financing for small businesses looking to expand. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Heritage Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Banking Deregulation's Effects on Entrepreneurship Best Banks in Norfolk, Virginia
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