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December 19, 2024 |
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| Home > Small Business Lenders by State > Vermont Business Loan Sources > Saint Johnsbury, Business Loans > Passumpsic Savings Bank Saint Johnsbury Business Loans > Excavation Contractors Loan | ||||
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Passumpsic Savings Bank
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Derby Line, Vermont Business Gets SBA-Guaranteed Funding from Passumpsic Savings BankPassumpsic Savings Bank has a track record as a leading provider of SBA loans. Find out how this Vermont entrepreneur received an SBA loan from them. This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Passumpsic Savings Bank, out of Saint Johnsbury, Vermont. The loan was granted and they received $220,000 to help grow their Derby Line, Vermont business. SBA Loan Borrower COMPANY TYPE: EXCAVATION CONTRACTORS SBA Loan Lender PASSUMPSIC SAVINGS BANK 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 235930 - Excavation Contractors Loan Approval Date 5/14/2003 Loan Approval Gross Amount $220,000 Loan Approval from the SBA Of the total $220,000 loan amount, the SBA guaranteed $110,000. 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 3 employees. This SBA loan request indicated that the loan would help retain 3 existing jobs. Getting an SBA Loan For Your Business Although it's called an SBA loan, 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. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $220,000 loan. Remember, where there is a will, there is a way! 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: SBA Banks in Saint Johnsbury, Vermont
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