Bethesda, Maryland Bank Gives SBA Loan to Eating Places Company

Get to know Bethesda, Maryland banks that specialize in SBA loans and know how to work with entrepreneurs. Presidential Bank, Fsb is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Frederick, Maryland starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Presidential Bank, Fsb. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
FREDERICK, MD 21702

SBA Loan Lender

PRESIDENTIAL BANK, FSB
4520 EAST-WEST HWY
BETHESDA, MD 20814

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

5/9/2002

Loan Approval Gross Amount

$651,000

Loan Approval from the SBA

Of the total $651,000 loan amount, the SBA guaranteed $488,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 53 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Presidential Bank, Fsb 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:

Business Incubators

SBA Participating Banks in Bethesda, Maryland

SBA Lenders in Maryland