Entrepreneur Works With Bristol, Connecticut Bank to Get an SBA Loan

A Bristol, Connecticut SBA loan can be yours. Learn how a company got a $1,628,000 business loan from this Connecticut bank.

This loan to an entrepreneur is a good example of an SBA loan. Farmington Savings Bank made the loan and the SBA guaranteed a portion of the loan. Many other Connecticut entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: SCREW MACHINE PRODUCTS
BRISTOL, CT 06010

SBA Loan Lender

FARMINGTON SAVINGS BANK
475 BROAD ST
BRISTOL, CT 06010

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3451 - Screw Machine Products

NAICS Code

332721 - Precision Turned Product Manufacturing

Loan Approval Date

1/14/2000

Loan Approval Gross Amount

$1,628,000

Loan Approval from the SBA

Of the total $1,628,000 loan amount, the SBA guaranteed $749,857.

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 44 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees.

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

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We can help you find the best banks for small businesses in Bristol or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

A Company That Helps Entrepreneurs

Banks in Bristol, Connecticut

SBA Participating Banks in Connecticut