Chesterville, Maine Business Gets SBA-Guaranteed Funding from Franklin Savings Bank

Franklin 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 growing company knew how to go about getting a business bank loan. Based in Chesterville, Maine, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Franklin Savings Bank, based in Farmington, Maine.

SBA Loan Borrower

COMPANY TYPE: CONVENIENCE STORES
CHESTERVILLE, ME 04940

SBA Loan Lender

FRANKLIN SAVINGS BANK
197 MAIN ST
FARMINGTON, ME 04938

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

445120 - Convenience Stores

Loan Approval Date

12/23/2004

Loan Approval Gross Amount

$109,100

Loan Approval from the SBA

Of the total $109,100 loan amount, the SBA guaranteed $54,550.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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