Company Gets a Maryland Small Business Loan

MarylandSBA loans are available to Maryland entrepreneurs through the SBA. In this case, a Virginia bank provides the loan.

This small business, based in Gaithersburg, Maryland, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Potomac Bank - Virginia A Divisi. We've got the inside scoop on this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: MUSICAL INSTRUMENT STORES
GAITHERSBURG, MD 20879

SBA Loan Lender

POTOMAC BANK - VIRGINIA A DIVISI
9910 MAIN ST
FAIRFAX, VA 22031

This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5736 - Musical Instrument Stores

NAICS Code

451140 - Musical Instrument and Supplies Stores

Loan Approval Date

11/2/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a business in Gaithersburg MD, you ought to talk with a local Gaithersburg SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Gaithersburg businesses.

This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Financing Your Business

Small Business Banks in Fairfax, Virginia

Where to Get an SBA Loan Virginia