Local Business Gets a Maine Small Business Loan

Business loans in Maine are are few and far betweeen these days. We take a look at one Maine business loan, provided by a Maine bank, that was approved by the SBA.

You can learn something about getting a small business loan in Ellsworth, Maine by studying this loan to a local business, made back in 2000. Banks like First may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: LEGAL SERVICES
ELLSWORTH, ME 04605

SBA Loan Lender

FIRST
102 MAIN ST
BAR HARBOR, ME 04609

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8111 - Legal Services

NAICS Code

541110 - Lawyers

Loan Approval Date

3/28/2000

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $32,000.

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 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

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

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

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Small Business Credit Cards

Best Banks for Small Business in Bar Harbor, Maine

Getting an SBA Loan in Maine