Business Loan from Ocean Bank Given to Eating Places Company

Ocean Bank has a track record as a leading provider of SBA loans. Find out how this Maine entrepreneur received an SBA loan from them.

This growing company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Ocean Bank, out of Portsmouth, New Hampshire. The loan was granted and they received $46,000 to help grow their Kittery, Maine business.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
KITTERY, ME 03904

SBA Loan Lender

OCEAN BANK
501 ISLINGTON ST
PORTSMOUTH, NH 03801

This lender issued this particular SBA 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

5812 - Eating Places

NAICS Code

445310 - Beer, Wine, and Liquor Stores

Loan Approval Date

6/20/2003

Loan Approval Gross Amount

$46,000

Loan Approval from the SBA

Of the total $46,000 loan amount, the SBA guaranteed $39,100.

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 2 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds 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.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Ocean Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Small Business Credit Cards

SBA 7A Banks in Portsmouth, New Hampshire

New Hampshire SBA Bank Lenders