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April 28, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Richmond, Business Loans > Suntrust Bank Richmond Business Loans > Services To Buildings And Dwellings Loan | ||||
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SBA Lenders Virginia
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Entrepreneur Works With Richmond, Virginia Bank to Get an SBA LoanWant to talk with a Richmond, Virginia bank about a business loan? Here's one Virginia business loan, issued by a Richmond bank, that was approved by the SBA. Applying for an SBA loan with Suntrust Bank worked out well for our friends at one local firm in Newport News, Virginia. They got an SBA loan for $35,000. Nice! SBA Loan Borrower COMPANY TYPE: SERVICES TO BUILDINGS AND DWELLINGS SBA Loan Lender SUNTRUST BANK The lender provided this SBA business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 561790 - Services to Buildings and Dwellings Loan Approval Date 3/8/2005 Loan Approval Gross Amount $35,000 Loan Approval from the SBA Of the total $35,000 loan amount, the SBA guaranteed $17,500. 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 7 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 7 existing jobs. Next Steps for Getting an SBA Loan 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Suntrust Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Obtaining Funding - Friends and Family SBA 7A Banks for Richmond, Virginia Loans
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