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December 22, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Portland, Business Loans > Td Banknorth Portland Business Loans > Limited-Service Restaurants Loan | ||||
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Banks Doing SBA Loans in Maine
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Portland, Maine Lender Lends Money to Limited-Service Restaurants CompanyA Portland, Maine SBA loan can be yours. Learn how a company got a $1,854,000 business loan from this Maine bank. This loan to an entrepreneur is a good example of an SBA loan. Td Banknorth made the loan and the SBA guaranteed a portion of the loan. Many other Massachusetts entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: LIMITED-SERVICE RESTAURANTS SBA Loan Lender TD BANKNORTH This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 1/4/2006 Loan Approval Gross Amount $1,854,000 Loan Approval from the SBA Of the total $1,854,000 loan amount, the SBA guaranteed $1,390,500. 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 80 employees. The loan application indicated that the loan would help generate 80 new jobs and retain 160 existing jobs. Next Steps for Getting an SBA Loan Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 Td Banknorth 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: Banking Deregulation's Effects on Entrepreneurship SBA 7A Banks for Portland, Maine Loans
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