SBA Loan from Townebank Helps Hick's Concessions, Inc. And L

Townebank has a track record as a leading provider of SBA loans. Find out how this Virginia entrepreneur received an SBA loan from them.

Hick's Concessions, Inc. And L knew how to go about getting a business bank loan. Based in Poquoson, Virginia, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Townebank, based in Newport News, Virginia.

SBA Loan Borrower

HICK'S CONCESSIONS, INC. AND L
12 FREEMAN DRIVE
POQUOSON, VA 23662

SBA Loan Lender

TOWNEBANK
1 OLD OYSTER POINT RD, STE 10
NEWPORT NEWS, VA 23602

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5145 - Confectionery

NAICS Code

422450 - Confectionery Wholesalers

Loan Approval Date

4/10/2001

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

More Information on This SBA Loan

The borrower, Hick's Concessions, Inc. And L, borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the business promised to use the money to add employees or retain any existing employees. This loan was paid in full, and was closed out on 11/4/2005.

Start the Process for Getting an SBA Loan Today!

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:

VC Firms on Twitter

SBA Banks in Newport News, Virginia

SBA Participating Banks 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.