Growing Company Gets a Vermont Small Business Loan

VermontBank loans are available to Vermont firms through the SBA. In this case, a Vermont bank provides the loan.

By giving the right information to Berkshire Bank, this Manchester Center, Vermont business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: SPORTING GOODS STORES
MANCHESTER CENTER, VT 05255

SBA Loan Lender

BERKSHIRE BANK
4928 MAIN ST
MANCHESTER CENTER, VT 05255

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

451110 - Sporting Goods Stores

Loan Approval Date

10/10/2006

Loan Approval Gross Amount

$67,000

Loan Approval from the SBA

Of the total $67,000 loan amount, the SBA guaranteed $50,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had no employees. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 4 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Berkshire Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Understanding Dilution

SBA 7A Lenders in Manchester Center, Vermont

Getting an SBA Loan in Vermont