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

Want to talk with a Richmond, Virginia bank about an SBA 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 W & T Hooten, Inc. in Newport News, Virginia. They received an SBA loan for $125,000. Awesome!

SBA Loan Borrower

W & T Hooten, Inc.
9602 Warwick Boulevard
Newport News, VA 23601

SBA Loan Lender

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

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

811111 - General Automotive Repair

Loan Approval Date

4/24/2007

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $62,500.

More Information on This SBA Loan

The borrower, W & T Hooten, Inc., borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 3 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a company in Newport News VA, you ought to talk with a local Newport News SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Newport News businesses.

Your solution for where to find money to start a business may be an SBA guaranteed loan. W & T Hooten, Inc. recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

About This SBA Loan Information:

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

Related Links:

Business Line of Credit

Good Banks for Small Business in Richmond, Virginia

Find an SBA Lender in Virginia

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.