Raising Money for Cut Stone and Stone Product Manufacturing

Looking for business loans for cut stone and stone product manufacturing? An SBA loan may be just what you've been looking for. This $120,000 cut stone and stone product manufacturing loan was issued by a Vermont bank.

This small business knew how to go about getting a business bank loan. Based in Barre, Vermont, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Community National Bank, based in Derby, Vermont.

SBA Loan Borrower

COMPANY TYPE: CUT STONE AND STONE PRODUCTS
BARRE, VT 05641

SBA Loan Lender

COMMUNITY NATIONAL BANK
4811 US RTE 5
DERBY, VT 05829

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3281 - Cut Stone and Stone Products

NAICS Code

327991 - Cut Stone and Stone Product Manufacturing

Loan Approval Date

7/16/2001

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $96,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

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 Community National 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.

Related Links:

Choosing VC Firms

SBA 7A Lenders in Derby, Vermont

Getting an SBA Loan in Vermont