Newport News, Virginia Lender Lends Money to Data Management Group Of Virgi

Get SBA loans from a Newport News, Virginia bank that knows how to treat small business owners right! If Data Management Group Of Virgi can get a loan, there's no reason you can't do it too.

Townebank is a Newport News, Virginia small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to Data Management Group Of Virgi a Virginia company.

SBA Loan Borrower

DATA MANAGEMENT GROUP OF VIRGI
2 EATON STREET
HAMPTON, VA 23669

SBA Loan Lender

TOWNEBANK
1 OLD OYSTER POINT RD, STE 10
NEWPORT NEWS, VA 23602

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

518210 - Data Processing, Hosting, and Related Services

Loan Approval Date

3/3/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

More Information on This SBA Loan

The borrower, Data Management Group Of Virgi, 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 23 employees. The SBA loan application for the borrower indicated that the loan would help retain 23 existing jobs. This loan was paid in full, and was closed out on 6/14/2005.

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

Don't apply for a loan directly with the SBA. You need to 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.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Townebank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Business Incubators

Where to Get an SBA Loan in Newport News, Virginia

SBA Lenders in Virginia

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