Farmington, Connecticut Business Gets SBA-Guaranteed Funding from Newalliance Bank

An SBA loan from Newalliance Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Farmington, Connecticut business owner got a $110,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Farmington, Connecticut, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Newalliance Bank, based in West Hartford, Connecticut.

SBA Loan Borrower

COMPANY TYPE: BUSINESS CONSULTING SERVICES
FARMINGTON, CT 06032

SBA Loan Lender

NEWALLIANCE BANK
55 S MAIN
WEST HARTFORD, CT 06107

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8748 - Business Consulting Services

NAICS Code

541618 - Management Consulting Services

Loan Approval Date

5/15/2003

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

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 2 employees. The loan application did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 $110,000 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:

Investor Turnoffs

Best West Hartford, Connecticut Banks for Small Business

SBA Lenders in Connecticut