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April 29, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Virginia Beach, Business Loans > Resource Bank Virginia Beach Business Loans > Eating Places Loan | ||||
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Virginia Small Business SBA Loans
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Resource Bank Gives Bank Loan to Eating Places CompanyBusiness loans in Virginia are hard to find these days. We take a look at one Virginia business loan, provided by a Virginia bank, that was approved by the SBA. Getting a small business loan in Virginia Beach, Virginia was a top priority for this SBA-financed company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Resource Bank. Here are the details on this Virginia small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender RESOURCE BANK This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 5/17/2000 Loan Approval Gross Amount $360,000 Loan Approval from the SBA Of the total $360,000 loan amount, the SBA guaranteed $270,000. 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 180 employees. The SBA loan documents indicated that the borrowed money would help generate 45 new jobs. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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 Resource Bank 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: Obtaining Funding - How to Borrow Money SBA Participating Banks in Virginia Beach, Virginia
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