Entrepreneur Works With Richmond, Virginia Bank to Get an SBA Loan

Want to talk with a Richmond, Virginia bank about a business loan? Here's one Virginia business loan, issued by a Richmond bank, that was approved by the SBA.

Applying for an SBA loan with Suntrust Bank worked out well for our friends at Air Advantage, LLC in Newport News, Virginia. They got an SBA loan for $35,000. Nice!

SBA Loan Borrower

Air Advantage, LLC
716 C Blue Crab
Newport News, VA 23606

SBA Loan Lender

SUNTRUST BANK
1001 SEMMES AVE, RVW 4323
RICHMOND, VA 23224

The lender provided this SBA business loan 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

561790 - Other Services to Buildings and Dwellings

Loan Approval Date

3/8/2005

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, Air Advantage, LLC, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 7 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 7 existing jobs.

Next Steps for Getting an SBA Loan

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Suntrust Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

About This SBA Loan Information:

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

Related Links:

Obtaining Funding - Friends and Family

SBA 7A Banks for Richmond, Virginia Loans

Virginia SBA 7A Lenders

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