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April 28, 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 > Full-Service Restaurants Loan | ||||
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Virginia Beach SBA Lenders
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Entrepreneur Works With Virginia Beach, Virginia Bank to Get an SBA LoanGet to know Virginia Beach, Virginia banks that specialize in business loans and know how to work with entrepreneurs. Resource Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Virginia Beach, Virginia starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Resource Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender RESOURCE BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 6/4/2004 Loan Approval Gross Amount $840,000 Loan Approval from the SBA Of the total $840,000 loan amount, the SBA guaranteed $546,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 48 new jobs and retain 2 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Resource Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: A Company That Helps Entrepreneurs SBA Banks in Virginia Beach, Virginia
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