Entrepreneur Works With Bennington, Vermont Bank to Get an SBA Loan

Thinking about meeting with a Bennington, Vermont bank about a small business loan? Here's one New York business loan, issued by a Bennington bank, that was approved by the SBA.

Applying for an SBA loan with The Bank Of Bennington worked out well for our friends at one local business in Lake Placid, New York. They got an SBA loan for $1,893,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
LAKE PLACID, NY 12946

SBA Loan Lender

THE BANK OF BENNINGTON
155 NORTH ST
BENNINGTON, VT 05201

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

3/30/2007

Loan Approval Gross Amount

$1,893,000

Loan Approval from the SBA

Of the total $1,893,000 loan amount, the SBA guaranteed $1,419,750.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 6 employees. This SBA loan request indicated that the loan would help retain 6 existing jobs.

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

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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:

Obtaining Funding - How to Decide How Much to Raise

Good Banks for Small Business in Bennington, Vermont

SBA Participating Banks in Vermont