Savings Inst. Bank & Trust Gives Small Business Loan to Insurance Agencies And Brokerages Company

Searching for a Connecticut small business loan? This Connecticut entrepreneur got a small business loan, provided by a Connecticut bank that works with the SBA to help small business owners.

This company, based in Groton, Connecticut, 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 Savings Inst. Bank & Trust. We've got the inside scoop on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENCIES AND BROKERAGES
GROTON, CT 06340

SBA Loan Lender

SAVINGS INST. BANK & TRUST
803 MAIN ST
WILLIMANTIC, CT 06226

This debt financing was issued under the SBA's Certified Lenders Program (CLP), which means that this bank has a successful SBA lending background and are well trained in SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

524210 - Insurance Agencies and Brokerages

Loan Approval Date

2/24/2005

Loan Approval Gross Amount

$1,046,000

Loan Approval from the SBA

Of the total $1,046,000 loan amount, the SBA guaranteed $784,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 15 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Savings Inst. Bank & Trust and they will explain how you can get an SBA loan for your company.

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 in Willimantic, Connecticut

Getting an SBA Loan in Connecticut