Williamsburg, Virginia Bank Lends Money to Electrical Work Company in Williamsburg, Virginia

Get SBA loans from a Williamsburg, Virginia bank that knows how to treat small business owners right! If this firm can get a loan, there's no reason you can't do it too.

Old Point National Bank - Phoebus is a Williamsburg, Virginia small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Virginia company.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL WORK
WILLIAMSBURG, VA 23188

SBA Loan Lender

OLD POINT NATIONAL BANK - PHOEBUS
5273 JOHN TYLER HWY
WILLIAMSBURG, VA 23185

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1731 - Electrical Work

NAICS Code

235310 - Electrical Contractors

Loan Approval Date

2/21/2003

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 3 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a company in Williamsburg VA, you ought to talk with a local Williamsburg SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Williamsburg businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Old Point National Bank - Phoebus had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Old Point National Bank - Phoebus made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Role of Business Plan When Raising Money

Where to Get an SBA Loan in Williamsburg, Virginia

SBA Virginia Banks