Hagerstown, Maryland Business Gets SBA-Guaranteed Funding from The Fidelity Bank

The Fidelity Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Maryland entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hagerstown, Maryland was able to borrow $23,000 from The Fidelity Bank. The SBA made the loan possible by guaranteeing $19,550 of this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMATIC MERCHANDISING MACHINE OPERATORS
HAGERSTOWN, MD 21740

SBA Loan Lender

THE FIDELITY BANK
128 W WASHINGTON ST
HAGERSTOWN, MD 21740

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5962 - Automatic Merchandising Machine Operators

NAICS Code

454210 - Vending Machine Operators

Loan Approval Date

3/9/2001

Loan Approval Gross Amount

$23,000

Loan Approval from the SBA

Of the total $23,000 loan amount, the SBA guaranteed $19,550.

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 only one employee. The SBA loan application for the borrower did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Startup Funding Tip

Who Lends Money to Small Businesses in Hagerstown, Maryland

Maryland SBA 7A Lenders