John Marshall Bank Partners with Small Businesses

Google+ Pinterest LinkedIn Tumblr +

Provided by John Marshall Bank

Small businesses make up the lifeblood of American enterprise. According to the Small Business Administration (SBA), there are over 33 million small businesses throughout the country, accounting for 99.9 percent of all U.S. businesses.

That doesn’t change in Northern Virginia and Prince William County, where even the presence of major companies like Google and Amazon can’t lessen the power and presence of small businesses. It’s a busy playing field and it’s easy to feel like just another fish in the ocean. That’s where John Marshall Bank comes in: to help small business owners make a big splash.

John Marshall Bank’s Dedicated Small Business Administration Team

With eight branches located throughout the DC Metro area, including one in Prince William County, and a dedicated Small Business Administration team, John Marshall Bank helps small business grow through a variety of specialized loans and technologies.

This comes with a direct partnership with the SBA, in which John Marshall Bank administers SBA 7(a) loans to the small businesses they partner with. An SBA 7(a) loan is a loan program available for small businesses that meet special requirements (which can be found here). While the 7(a) loans can be used for a variety of purposes, such as refinancing debt or supply purchases, the Bank specializes in providing loans for permanent working capital.

SBA 7(a) Loan Approvals

Through John Marshall Bank, the process for receiving a smaller (less than $500,000) SBA 7(a) loan is streamlined, allowing small business owners to get their money quicker and their plans moving. How does the Bank achieve this? They are able to pre-approve applicants for these smaller loans – a process which takes about 10 minutes to complete and involves a pre-application form that does not require any financial documentation.

From there, the Bank can receive approval from the SBA in as fast as seven business days. That means a local small business can apply for a loan for, say, purchasing and installing equipment, and receive approval relatively quickly. You don’t get that type of speed just anywhere, but with John Marshall Bank that option is on the table.

John Marshall Bank also doesn’t require a second lien on the guarantor’s primary residence for these smaller loan values. This can let the business owner focus completely on running and growing their business without the added worry of using their home as collateral.

SBA 7(a) loans can also be used for construction/leasehold improvements where John Marshall Bank has the advantage in only requiring a 10% equity injection compared to other banks who require as high as 30%.

Supporting Entrepreneurs

John Marshall Bank supports entrepreneurs as they serve the local community by streamlining the loan process while ensuring they are as advantageous to the business as possible. For a small business in a big pond, an SBA 7(a) loan through John Marshall Bank really is the best way to make a big splash.

For more information, or to begin the loan process, please reach out to their SBA team.



Comments are closed.