Local Business Gets a Maryland Business Loan

Would a Maryland business loan help your company expand? If so, you may want to talk with this Maryland bank, which offers SBA loans to Maryland entrepreneurs.

Getting a small business loan in Accident, Maryland was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Susquehanna Bank. Here are the details on this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: INTERMEDIATE CARE FACILITIES
ACCIDENT, MD 21520

SBA Loan Lender

SUSQUEHANNA BANK
59 W WASHINGTON ST
HAGERSTOWN, MD 21740

This lender issued this loan for a small business under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8052 - Intermediate Care Facilities

NAICS Code

623110 - Nursing Care Facilities

Loan Approval Date

8/1/2002

Loan Approval Gross Amount

$417,500

Loan Approval from the SBA

Of the total $417,500 loan amount, the SBA guaranteed $313,125.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 12 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Susquehanna Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

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