SBA Loan from Merrill Merchants Bank Helps Sporting And Athletic Goods Company

An SBA loan from Merrill Merchants Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Bangor, Maine business owner got a $40,000 loan.

This business knew how to go about getting a business bank loan. Based in Bangor, Maine, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Merrill Merchants Bank, based in Bangor, Maine.

SBA Loan Borrower

COMPANY TYPE: SPORTING AND ATHLETIC GOODS
BANGOR, ME 04401

SBA Loan Lender

MERRILL MERCHANTS BANK
201 MAIN ST
BANGOR, ME 04401

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

SIC Code

3949 - Sporting and Athletic Goods

NAICS Code

339920 - Sporting and Athletic Goods Manufacturing

Loan Approval Date

1/19/2000

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $20,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 1 existing job.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Merrill Merchants Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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