Canaan, Maine Business Gets SBA-Guaranteed Funding from Skowhegan Savings Bank

Skowhegan Savings Bank has a track record as a leading provider of SBA loans. Find out how this Maine entrepreneur received an SBA loan from them.

This business knew how to go about getting a business bank loan. Based in Canaan, Maine, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Skowhegan Savings Bank, based in Skowhegan, Maine.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
CANAAN, ME 04924

SBA Loan Lender

SKOWHEGAN SAVINGS BANK
13 ELM ST
SKOWHEGAN, ME 04976

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

NAICS Code

445120 - Convenience Stores

Loan Approval Date

9/30/2005

Loan Approval Gross Amount

$815,000

Loan Approval from the SBA

Of the total $815,000 loan amount, the SBA guaranteed $611,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Skowhegan Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Skowhegan Savings Bank 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.

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