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May 19, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Gloucester, Business Loans > Branch Bank & Trust Gloucester Business Loans > Retail Stores Loan | ||||
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Virginia Bank SBA Loans
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Branch Bank & Trust SBA Loan to Retail Stores CompanyLooking to get a Virginia SBA loan? Here's one Virginia business loan that was approved by the SBA. This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Branch Bank & Trust, out of Gloucester, Virginia. The loan was granted and they received $50,000 to help grow their White Marsh, Virginia business. SBA Loan Borrower COMPANY TYPE: RETAIL STORES SBA Loan Lender BRANCH BANK & TRUST This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5999 - Retail Stores Loan Approval Date 6/9/2000 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $40,000. 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. The SBA loan documents 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 Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. We've showcased information on this loan to let you know that businesses like yours can get an SBA loan. 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 Bank Loans in Gloucester, Virginia SBA Participating Banks in Virginia
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