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May 4, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Norfolk, Business Loans > Bank Of The Commonwealth Norfolk Business Loans > Poonam Associates LLC Loan | ||||
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Good Sources for Norfolk SBA Loans
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Virginia Entrepreneur Secures Financing to Buy Mail Boxes Etc. Usa FranchiseNeed a loan to invest in a Mail Boxes Etc. Usa franchise? Bank Of The Commonwealth has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Norfolk, Virginia needed money to invest in a Mail Boxes Etc. Usa franchise back in 2003. Bank Of The Commonwealth issued an SBA franchise loan. Here are the details on this Virginia small business loan. SBA Loan Borrower POONAM ASSOCIATES LLC SBA Loan Lender BANK OF THE COMMONWEALTH This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 561431 - Private Mail Centers Loan Approval Date 3/25/2003 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $60,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Mail Boxes Etc. Usa franchise. At the time of the loan, the company had 4 employees. This SBA loan request indicated that the loan would help create 4 new jobs. Getting an SBA Loan For Your Business Many small businesses receive loans backed by the U.S. Small Business Administration. 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 Bank Of The Commonwealth 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: Family and Friend Investors - Your First Financiers Best Norfolk, Virginia Banks for Small Business
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