Entrepreneur Works With Baltimore, Maryland Bank to Get an SBA Loan

Thinking about meeting with a Baltimore, Maryland bank about an SBA loan? Here's one Maryland business loan, issued by a Baltimore bank, that was approved by the SBA.

Applying for an SBA loan with Chesapeake Bank Of Maryland worked out well for our friends at one local company in Bel Air, Maryland. They received an SBA loan for $137,600. Way to go!

SBA Loan Borrower

COMPANY TYPE: HOMEFURNISHINGS STORES
BEL AIR, MD 21015

SBA Loan Lender

CHESAPEAKE BANK OF MARYLAND
2001 E JOPPA RD
BALTIMORE, MD 21234

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5719 - Homefurnishings Stores

NAICS Code

442299 - Home Furnishings Stores

Loan Approval Date

9/30/2003

Loan Approval Gross Amount

$137,600

Loan Approval from the SBA

Of the total $137,600 loan amount, the SBA guaranteed $116,960.

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 5 employees. This SBA loan request did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Chesapeake Bank Of Maryland had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Chesapeake Bank Of Maryland made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Realistic Debt Financing Options

Small Bank Loans in Baltimore, Maryland

Maryland SBA Bank Lenders