Newport News, Virginia Entrepreneur Gets a Business Loan

SBA loans in Virginia are tough to come by these days. We take a look at one Virginia SBA loan, provided by a California bank, that was approved by the SBA.

Getting a small business loan in Newport News, Virginia was a top priority for Foster's Care Massage back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Innovative Bank. Here are the details on this Virginia small business loan.

SBA Loan Borrower

FOSTER'S CARE MASSAGE
912 41ST ST.
NEWPORT NEWS, VA 23607

SBA Loan Lender

INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621999 - All Other Miscellaneous Ambulatory Health Care Services

Loan Approval Date

9/26/2006

Loan Approval Gross Amount

$10,000

Loan Approval from the SBA

Of the total $10,000 loan amount, the SBA guaranteed $8,500.

More Information on This SBA Loan

The borrower, Foster's Care Massage, borrowed this money for an existing business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help retain 1 existing job.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

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:

Small Business Credit Cards

SBA 7A Banks in Oakland, California

California SBA 7A Banks

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