Maryland Small Business Loan Issued to Physicians, Mental Health Specialists Company

MarylandBusiness loans are available to Maryland business owners through the SBA. In this case, a North Carolina bank provides the loan.

This small business, based in Easton, Maryland, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Bank Of America. We've got the inside scoop on this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: PHYSICIANS, MENTAL HEALTH SPECIALISTS
EASTON, MD 21601

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

621112 - Physicians, Mental Health Specialists

Loan Approval Date

10/26/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

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 40 employees. The SBA loan documents indicated that the loan would help generate 10 new jobs and retain 30 existing jobs.

Next Steps for Getting an SBA Loan

If you need money to start business in Easton MD, you ought to talk with a local Easton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Easton businesses.

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

How to Raise Money

Find an SBA Lender in Charlotte, North Carolina

North Carolina SBA 7A Lenders