Maromas, Connecticut Entrepreneur Gets a Business Loan

ConnecticutSmall business loans are available to Connecticut small business owners through the SBA. In this case, a Rhode Island bank provides the loan.

This business, based in Maromas, Connecticut, 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 Bank Of America. We've got the inside scoop on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL, AND NAUTICAL SYSTEM
MAROMAS, CT 06475

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

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

334511 - Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System

Loan Approval Date

10/26/2000

Loan Approval Gross Amount

$527,000

Loan Approval from the SBA

Of the total $527,000 loan amount, the SBA guaranteed $395,250.

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 10 employees. The loan application indicated that the loan would help generate 10 new jobs and retain 10 existing jobs.

Getting an SBA Loan For Your Business

If you need business start up money in Maromas CT, you ought to talk with a local Maromas SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Maromas businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Direct Public Offerings

SBA Participating Banks in Providence, Rhode Island

Getting an SBA Loan in Rhode Island