Entrepreneur Works With Olney, Maryland Bank to Get an SBA Loan

Find Olney, Maryland banks that specialize in SBA loans and know how to work with entrepreneurs. Sandy Spring Bank is one such bank, as evidenced by this SBA loan to one business.

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

SBA Loan Borrower

COMPANY TYPE: GENERAL MERCHANDISE STORES
GAITHERSBURG, MD 20877

SBA Loan Lender

SANDY SPRING BANK
17801 GEORGIA AVE
OLNEY, MD 20832

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

5/17/2004

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $59,500.

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 10 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to increase staffing levels 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.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Obtaining Funding - How to Borrow Money

Good Banks for Small Business in Olney, Maryland

SBA Maryland Banks