Madawaska (census Name For Mad, Maine Entrepreneur Gets a Small Business Loan

Would a Maine bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Maine bank, which offers SBA loans to Maine entrepreneurs.

This small business, based in Madawaska (census Name For Mad, Maine, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Norstate Fcu. We've got the inside scoop on this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: FLORISTS
MADAWASKA (CENSUS NAME FOR MAD, ME 04756

SBA Loan Lender

NORSTATE FCU
78 FOX ST
MADAWASKA, ME 04756

This SBA bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

453110 - Florists

Loan Approval Date

6/10/2003

Loan Approval Gross Amount

$13,800

Loan Approval from the SBA

Of the total $13,800 loan amount, the SBA guaranteed $6,900.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

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

Remember, 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Norstate Fcu that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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

SBA 7A Banks for Madawaska, Maine Loans

SBA Lenders in Maine