Hanover, New Hampshire Business Gets SBA-Guaranteed Funding from Mascoma Savings Bank

Mascoma Savings Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Hampshire entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Hanover, New Hampshire was an essential business goal for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Mascoma Savings Bank, operating out of Lebanon, New Hampshire. Here are the details on this New Hampshire small business loan.

SBA Loan Borrower

COMPANY TYPE: FOOD STORES
HANOVER, NH 03755

SBA Loan Lender

MASCOMA SAVINGS BANK
67 N PARK ST
LEBANON, NH 03766

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.

SIC Code

5499 - Food Stores

NAICS Code

445299 - Specialty Food Stores

Loan Approval Date

5/20/2002

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

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 4 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Mascoma Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Mascoma Savings Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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

SBA 7A Banks in Lebanon, New Hampshire

Getting an SBA Loan in New Hampshire