Camden National Bank SBA Loan to Drinking Places Company

Camden National Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Maine entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Belfast, Maine was an essential business goal for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Camden National Bank, operating out of Camden, Maine. Here are the details on this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
BELFAST, ME 04915

SBA Loan Lender

CAMDEN NATIONAL BANK
2 ELM ST
CAMDEN, ME 04843

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

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

NAICS Code

722410 - Drinking Places

Loan Approval Date

6/2/2005

Loan Approval Gross Amount

$92,500

Loan Approval from the SBA

Of the total $92,500 loan amount, the SBA guaranteed $46,250.

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 10 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 141 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

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:

Role of Business Plan When Raising Money

Who Lends Money to Small Businesses in Camden, Maine

Getting a Business Loan in Maine