Entrepreneur Works With Bangor, Maine Bank to Get an SBA Loan

Thinking about meeting with a Bangor, Maine bank about a small business loan? Here's one Maine business loan, issued by a Bangor bank, that was approved by the SBA.

Applying for an SBA loan with Merrill Merchants Bank worked out well for our friends at one local firm in Bradford, Maine. They got an SBA loan for $65,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: DAIRY CATTLE AND MILK PRODUCTION
BRADFORD, ME 04410

SBA Loan Lender

MERRILL MERCHANTS BANK
201 MAIN ST
BANGOR, ME 04401

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

112120 - Dairy Cattle and Milk Production

Loan Approval Date

6/12/2007

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help create 3 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a business in Bradford ME, you ought to talk with a local Bradford SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Bradford 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:

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