Entrepreneur Works With Patten, Maine Bank to Get an SBA Loan

Thinking about meeting with a Patten, Maine bank about a small business loan? Here's one Maine business loan, issued by a Patten bank, that was approved by the SBA.

Applying for an SBA loan with Katahdin Trust Co. worked out well for our friends at one local company in Caribou, Maine. They got an SBA loan for $144,700. Awesome!

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
CARIBOU, ME 04736

SBA Loan Lender

KATAHDIN TRUST CO.
MAIN ST
PATTEN, ME 04765

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/25/2006

Loan Approval Gross Amount

$144,700

Loan Approval from the SBA

Of the total $144,700 loan amount, the SBA guaranteed $72,350.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. This SBA loan request indicated that the loan would help generate 12 new jobs and retain 3 existing jobs.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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