SBA Loan from Savings Bank Of Maine Helps Office Equipment Company

Savings Bank Of Maine has a track record as a leading provider of SBA loans. Find out how this Maine entrepreneur received an SBA loan from them.

Getting a small business loan in Augusta, Maine was an essential business goal for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Savings Bank Of Maine, operating out of Gardiner, Maine. Here are the details on this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: OFFICE EQUIPMENT
AUGUSTA, ME 04330

SBA Loan Lender

SAVINGS BANK OF MAINE
190 WATER ST
GARDINER, ME 04345

This lender issued this small business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started 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

5044 - Office Equipment

NAICS Code

442110 - Furniture Stores

Loan Approval Date

3/18/2005

Loan Approval Gross Amount

$1,700,000

Loan Approval from the SBA

Of the total $1,700,000 loan amount, the SBA guaranteed $1,275,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 15 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 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.

Related Links:

The Friends and Family Network

SBA 7A Lenders in Gardiner, Maine

Maine SBA Banks