Hampton, VA Entrepreneur Gets SBA Loan to Buy Petland Franchise

Borrowing money to buy a Petland franchise? Old Point National Bank - Phoebus has a history of making these loans and they are guaranteed by the SBA.

Petland franchise loans are available to Hampton, Virginia entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Old Point National Bank - Phoebus, based in Newport News, Virginia, issued an SBA franchise loan for a Petland franchise in 2001. We've got all the details on this Virginia small business loan.

SBA Loan Borrower

PETLAND
16 TOWNE CENTRE WAY
HAMPTON, VA 23666

SBA Loan Lender

OLD POINT NATIONAL BANK - PHOEBUS
11751 JEFFERSON AVE
NEWPORT NEWS, VA 23606

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Miscellaneous Retail Stores, N.E.C.

NAICS Code

453910 - Pet and Pet Supplies Stores

Loan Approval Date

4/19/2001

Loan Approval Gross Amount

$215,000

Loan Approval from the SBA

Of the total $215,000 loan amount, the SBA guaranteed $161,250.

More Information on This SBA Loan

The borrower, Petland, borrowed this money for an existing business. This loan was used to buy a Petland franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 SBA loan database.

Related Links:

Petland

Equity Financing

Best Newport News, Virginia Banks for Small Business

Virginia SBA 7A Lenders

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