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| Entrepreneur Resources | Capital One Mclean Business Loans | ||||
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Capital One
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Austin, Texas Business Gets SBA-Guaranteed Funding from Capital OneCapital One and the SBA work together to get business loans for growing small businesses. Here's an example of how a Texas entrepreneur was able to get a loan to take a small business to the next level.
The Hobby Palace, Inc. knew how to go about getting a business bank loan. Based in Austin, Texas, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Capital One, based in Mclean, Virginia. SBA Loan Borrower THE HOBBY PALACE, INC. SBA Loan Lender CAPITAL ONE The lender provided this debt financing through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 424990 - Other Miscellaneous Nondurable Goods Merchant Wholesalers Loan Approval Date 7/20/2007 Loan Approval Gross Amount $35,000 Loan Approval from the SBA Of the total $35,000 loan amount, the SBA guaranteed $17,500. More Information on This SBA Loan The borrower, The Hobby Palace, Inc., 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 1 new job and retain 2 existing jobs. Next Steps for Getting an SBA Loan 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. 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 The Hobby Palace, Inc. walked into Capital One and applied for an SBA loan, you have to do the same thing. The sooner you start, the faster you'll get the money! About This SBA Loan Information: All SBA loan data displayed above comes from the government's SBA loan database. Related Links: Obtaining Funding From a Venture Capitalist SBA Approved Banks in Mclean, Virginia SBA Participating Banks in Virginia If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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