Business Loan from Bank Of America Given to Landscape Architectural Services Company

An SBA loan from Bank Of America typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Milford, Connecticut business owner got a $53,600 loan.

Getting a small business loan in Milford, Connecticut was an essential business goal for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America, operating out of Providence, Rhode Island. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: LANDSCAPE ARCHITECTURAL SERVICES
MILFORD, CT 06460

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This lender processed this SBA small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

541320 - Landscape Architectural Services

Loan Approval Date

5/31/2001

Loan Approval Gross Amount

$53,600

Loan Approval from the SBA

Of the total $53,600 loan amount, the SBA guaranteed $26,800.

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. This SBA loan request indicated that the loan would help retain 10 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in Milford CT, you ought to talk with a local Milford SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Milford businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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