Manufacturers & Traders Trust SBA Loan to Insurance Agents And Brokers Company

Searching for a Maryland business loan? Here's one Maryland business loan that was approved by the SBA.

This up and coming company knew how to go about getting a business bank loan. Based in Baltimore Highlands, Maryland, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Manufacturers & Traders Trust, based in Baltimore, Maryland.

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENTS AND BROKERS
BALTIMORE HIGHLANDS, MD 21236

SBA Loan Lender

MANUFACTURERS & TRADERS TRUST
25 S CHARLES ST
BALTIMORE, MD 21201

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

6411 - Insurance Agents and Brokers

Loan Approval Date

5/17/2000

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 3 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 3 existing jobs.

Next Steps for Getting an SBA Loan

If you are raising money in Baltimore Highlands MD, you ought to talk with a local Baltimore Highlands SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Baltimore Highlands businesses.

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:

Family and Friend Investors - Your First Financiers

SBA Participating Banks in Baltimore, Maryland

Getting an SBA Loan in Maryland