Crofton, Maryland Business Gets SBA-Guaranteed Funding from Commercefirst Bank

Commercefirst Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Maryland entrepreneur was able to get a loan to take a small business to the next level.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Crofton, Maryland was able to borrow $250,000 from Commercefirst Bank. The SBA made the loan possible by guaranteeing $187,500 of this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: REAL ESTATE CREDIT
CROFTON, MD 21114

SBA Loan Lender

COMMERCEFIRST BANK
1804 WEST ST, STE 200
ANNAPOLIS, MD 21401

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

522292 - Real Estate Credit

Loan Approval Date

8/28/2007

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

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 56 employees. The SBA loan documents indicated that the loan would help retain 56 existing jobs.

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

If you want money for new small business in Crofton MD, you ought to talk with a local Crofton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Crofton businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $250,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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