Bangor, Maine Bank Gives SBA Loan to Full-Service Restaurants Company

Get to know Bangor, Maine banks that specialize in small business loans and know how to work with entrepreneurs. Merrill Merchants Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Carmel, Maine starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Merrill Merchants Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
CARMEL, ME 04419

SBA Loan Lender

MERRILL MERCHANTS BANK
201 MAIN ST
BANGOR, ME 04401

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/9/2008

Loan Approval Gross Amount

$18,000

Loan Approval from the SBA

Of the total $18,000 loan amount, the SBA guaranteed $15,300.

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 only one employee. The loan application indicated that the loan would help generate 5 new jobs.

Getting an SBA Loan For Your Business

If you are raising money in Carmel ME, you ought to talk with a local Carmel SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Carmel businesses.

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 Merrill Merchants 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:

Equity Financing

SBA Participating Banks in Bangor, Maine

Find an SBA Lender in Maine