Business Loan from Somerset Trust Company Given to Skilled Nursing Care Facilities Company

An SBA loan from Somerset Trust Company typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Friedens, Pennsylvania business owner got a $426,523 loan.

This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Somerset Trust Company, out of Somerset, Pennsylvania. The loan was granted and they received $426,523 to help grow their Friedens, Pennsylvania business.

SBA Loan Borrower

COMPANY TYPE: SKILLED NURSING CARE FACILITIES
FRIEDENS, PA 15541

SBA Loan Lender

SOMERSET TRUST COMPANY
151 W MAIN ST
SOMERSET, PA 15501

This lender issued this SBA bank loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8051 - Skilled Nursing Care Facilities

NAICS Code

623110 - Nursing Care Facilities

Loan Approval Date

12/4/2001

Loan Approval Gross Amount

$426,523

Loan Approval from the SBA

Of the total $426,523 loan amount, the SBA guaranteed $319,892.

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 12 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This SBA loan was for $426,523. How would you spend $426,523 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Understanding Dilution

SBA 7A Banks for Somerset, Pennsylvania Loans

SBA Participating Banks in Pennsylvania