Entrepreneur Works With Olney, Maryland Bank to Get an SBA Loan

Want to talk with an Olney, Maryland bank about a business loan? Here's one Maryland business loan, issued by an Olney bank, that was approved by the SBA.

Applying for an SBA loan with Sandy Spring Bank worked out well for our friends at one local company in Lothian, Maryland. They got an SBA loan for $470,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: ORNAMENTAL FLORICULTURE NURSERY PRODUCTS
LOTHIAN, MD 20711

SBA Loan Lender

SANDY SPRING BANK
17801 GEORGIA AVE
OLNEY, MD 20832

This lender issued this commercial loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0181 - Ornamental Floriculture Nursery Products

NAICS Code

444220 - Nursery and Garden Centers

Loan Approval Date

1/10/2005

Loan Approval Gross Amount

$470,000

Loan Approval from the SBA

Of the total $470,000 loan amount, the SBA guaranteed $352,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 40 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Sandy Spring 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.

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