Raising Money for Warehouse Clubs and Superstores

With these business loans for warehouse clubs and superstores, the SBA guarantees the lender that the loan will be repaid. This warehouse clubs and superstores loan for $150,000 was given to a Maine entrepreneur in 2003.

This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Norway Savings Bank, out of Bridgton, Maine. The loan was granted and they received $150,000 to help grow their Bridgton, Maine business.

SBA Loan Borrower

COMPANY TYPE: GENERAL MERCHANDISE STORES
BRIDGTON, ME 04009

SBA Loan Lender

NORWAY SAVINGS BANK
1 HARRISON RD
BRIDGTON, ME 04009

This lender issued this particular SBA bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5399 - General Merchandise Stores

NAICS Code

452910 - Warehouse Clubs and Superstores

Loan Approval Date

2/14/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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. This SBA loan request did not indicate that the business planned to use the funding to add employees 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.

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:

Business Incubators

SBA Banks in Bridgton, Maine

Getting an SBA Loan in Maine