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December 21, 2024 |
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| Home > Small Business Lenders by State > Maine Business Loan Sources > Bangor, Business Loans > Merrill Merchants Bank Bangor Business Loans > Home Furnishings Stores Loan | ||||
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Bangor Bank Loan
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Bangor, Maine Lender Lends Money to Home Furnishings Stores CompanyFind Bangor, Maine banks that specialize in small business loans and know how to work with entrepreneurs. Merrill Merchants Bank is one such bank, as evidenced by this SBA loan to one business. Finding a small business loan in Fairfield (census Name For Fai, Maine starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Merrill Merchants Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: HOME FURNISHINGS STORES SBA Loan Lender MERRILL MERCHANTS BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 442299 - Home Furnishings Stores Loan Approval Date 9/29/2005 Loan Approval Gross Amount $240,000 Loan Approval from the SBA Of the total $240,000 loan amount, the SBA guaranteed $180,000. 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. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Many small businesses receive loans backed by the U.S. Small Business Administration. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Merrill Merchants Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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 Much Venture Capital Is There?
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