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April 29, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Richmond, Business Loans > Suntrust Bank Richmond Business Loans > Full-Service Restaurants Loan | ||||
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Get a Small Business Loan from Suntrust Bank
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Business Loan from Suntrust Bank Given to Full-Service Restaurants CompanySuntrust Bank has a track record as a leading provider of SBA loans. Find out how this Virginia entrepreneur received an SBA loan from them. This small firm knew how to go about getting a business bank loan. Based in Virginia Beach, Virginia, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Suntrust Bank, based in Richmond, Virginia. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender SUNTRUST BANK 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 722110 - Full-Service Restaurants Loan Approval Date 7/22/2005 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 25 new jobs and retain 1 existing job. Next Steps for Getting an SBA Loan If you need money to start a business or need money to grow a business, an SBA loan can be a great funding source 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: Small Business Banks in Richmond, Virginia SBA Participating Banks in Virginia
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