Kennebunk Savings Bank Gives Bank Loan to Schools And Educational Services Company
SBA loans in Maine are hard to find these days. We take a look at one Maine SBA loan, provided by a Maine bank, that was approved by the SBA.
You can learn something about getting a small business loan in Cape Neddick, Maine by studying this loan to a local business, made back in 2003. Banks like Kennebunk Savings Bank may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: SCHOOLS AND EDUCATIONAL SERVICES
CAPE NEDDICK, ME 03902
SBA Loan Lender
KENNEBUNK SAVINGS BANK
104 MAIN ST
KENNEBUNK, ME 04043
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
8299 - Schools and Educational Services
NAICS Code
611620 - Sports and Recreation Instruction
Loan Approval Date
10/27/2003
Loan Approval Gross Amount
$15,000
Loan Approval from the SBA
Of the total $15,000 loan amount, the SBA guaranteed $12,750.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had only one employee. This SBA loan request did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your 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.
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:
Obtaining Funding - How to Borrow Money
Who Lends Money to Small Businesses in Kennebunk, Maine
SBA Maine Lenders