Milford, Connecticut Entrepreneur Gets an SBA Loan

Business loans in Connecticut are hard to find these days. We take a look at one Connecticut business loan, provided by a Rhode Island bank, that was approved by the SBA.

Getting a small business loan in Milford, Connecticut was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
MILFORD, CT 06460

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This commercial 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

333512 - Machine Tool Manufacturing

Loan Approval Date

11/13/2002

Loan Approval Gross Amount

$9,500

Loan Approval from the SBA

Of the total $9,500 loan amount, the SBA guaranteed $4,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help retain 1 existing job.

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

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America 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.

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