Maryland Small Business Loan Issued to Construction Material Merchant Wholesalers Company

Business loans in Maryland are tough to come by these days. We take a look at one Maryland business loan, provided by a Virginia bank, that was approved by the SBA.

Getting a small business loan in Laurel, Maryland was a top priority for this SBA-financed company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Provident Bank Of Maryland. Here are the details on this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: CONSTRUCTION MATERIAL MERCHANT WHOLESALERS
LAUREL, MD 20723

SBA Loan Lender

PROVIDENT BANK OF MARYLAND
37 E MAIN ST
WARRENTON, VA 20186

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

423390 - Construction Material Merchant Wholesalers

Loan Approval Date

11/10/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

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 8 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 8 existing jobs.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Provident Bank Of Maryland had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Provident Bank Of Maryland 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.

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