How to Get a Loan for Specialty Trade Contractors

Looking for business loans for specialty trade contractors? An SBA loan may be just what you've been looking for. This $135,000 specialty trade contractors loan was issued by a Maryland bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Baldwin, Maryland was able to borrow $135,000 from Manufacturers & Traders Trust. The SBA made the loan possible by guaranteeing $114,750 of this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: SPECIALTY TRADE CONTRACTORS
BALDWIN, MD 21013

SBA Loan Lender

MANUFACTURERS & TRADERS TRUST
305 W CHESAPEAKE AVE
TOWSON, MD 21204

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238990 - Specialty Trade Contractors

Loan Approval Date

12/3/2004

Loan Approval Gross Amount

$135,000

Loan Approval from the SBA

Of the total $135,000 loan amount, the SBA guaranteed $114,750.

More Information on This SBA Loan

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

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Manufacturers & Traders Trust so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Angel Investors

SBA Participating Banks in Towson, Maryland

SBA Maryland Lenders