Norway Savings Bank SBA Loan to Shellfish Fishing Company

An SBA loan from Norway Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Cape Elizabeth, Maine business owner got a $44,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cape Elizabeth, Maine was able to borrow $44,000 from Norway Savings Bank. The SBA made the loan possible by guaranteeing $37,400 of this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: SHELLFISH FISHING
CAPE ELIZABETH, ME 04107

SBA Loan Lender

NORWAY SAVINGS BANK
1200 CONGRESS ST
PORTLAND, ME 04102

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

114112 - Shellfish Fishing

Loan Approval Date

3/14/2005

Loan Approval Gross Amount

$44,000

Loan Approval from the SBA

Of the total $44,000 loan amount, the SBA guaranteed $37,400.

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 2 employees. The loan application 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?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Norway Savings Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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SBA 7A Lenders in Portland, Maine

Where to Get an SBA Loan Maine