Upper Marlboro, Maryland Bank Gives SBA Loan to Groceries And Related Products Company

Find Upper Marlboro, Maryland banks that specialize in small business loans and know how to work with entrepreneurs. Prince George's Fed. Savings B is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Lanham, Maryland starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Prince George's Fed. Savings B. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: GROCERIES AND RELATED PRODUCTS
LANHAM, MD 20706

SBA Loan Lender

PRINCE GEORGE'S FED. SAVINGS B
14804 PRATT ST
UPPER MARLBORO, MD 20772

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5149 - Groceries and Related Products

NAICS Code

312112 - Bottled Water Manufacturing

Loan Approval Date

12/6/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

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 6 employees. The loan application 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?

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $100,000 loan. Remember, feel the fear, and do it anyway.

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:

Determining Proper Capital Structure for a Business

Who Lends Money to Small Businesses in Upper Marlboro, Maryland

Maryland SBA Banks