Where to Get Capital for Commercial and Institutional Building Construction

Looking for SBA loans for commercial and institutional building construction? An SBA loan may be just what you've been looking for. This $150,000 commercial and institutional building construction loan was issued by a Maryland bank.

This small business knew how to go about getting a business bank loan. Based in Derwood, Maryland, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Sandy Spring Bank, based in Olney, Maryland.

SBA Loan Borrower

COMPANY TYPE: GENERAL CONTRACTING FOR NONRESIDENTIAL BUILDINGS
DERWOOD, MD 20855

SBA Loan Lender

SANDY SPRING BANK
17801 GEORGIA AVE
OLNEY, MD 20832

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1542 - General Contracting for Nonresidential Buildings

NAICS Code

233320 - Commercial and Institutional Building Construction

Loan Approval Date

10/6/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 8 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in Derwood MD, you ought to talk with a local Derwood SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Derwood businesses.

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

Related Links:

Raising Venture Capital

SBA 7A Lenders in Olney, Maryland

SBA Maryland Banks