Newport News, Virginia Entrepreneur Gets a Bank Loan

Virginia small business loans are available to Virginia small business owners through the SBA. In this case, a North Carolina bank provides the loan.

Getting a small business loan in Newport News, Virginia was a top priority for Weddings By Design back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America. Here are the details on this Virginia small business loan.

SBA Loan Borrower

Weddings By Design
13813 Warwick Blvd Bldg B/C
NEWPORT NEWS, VA 23602

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

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

812990 - All Other Personal Services

Loan Approval Date

5/29/2007

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $20,000.

More Information on This SBA Loan

The borrower, Weddings By Design, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Bank Of America 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:

504 Loans

SBA 7A Lenders in Charlotte, North Carolina

North Carolina SBA Banks

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.