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May 2, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Midlothian, Business Loans > Citizens & Farmers Bank Midlothian Business Loans > Offices And Clinics Of Doctors Of Medicine Loan | ||||
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VA Business Loans from Citizens & Farmers Bank
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SBA Loan from Citizens & Farmers Bank Helps Offices And Clinics Of Doctors Of Medicine CompanyAn SBA loan from Citizens & Farmers Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Richmond, Virginia business owner got a $75,000 loan. This growing company knew how to go about getting a business bank loan. Based in Richmond, Virginia, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Citizens & Farmers Bank, based in Midlothian, Virginia. SBA Loan Borrower COMPANY TYPE: OFFICES AND CLINICS OF DOCTORS OF MEDICINE SBA Loan Lender CITIZENS & FARMERS BANK This was a Low Documentation SBA loan. The SBA created this program to reduce 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. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8011 - Offices and Clinics of Doctors of Medicine NAICS Code 621112 - Physicians, Mental Health Specialists Loan Approval Date 5/28/2003 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $63,750. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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 in Midlothian, Virginia
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