Norwich, Connecticut Bank Gives SBA Loan to Tire Retreading And Repair Shops Company

Want to talk with a Norwich, Connecticut bank about a small business loan? Here's one Connecticut business loan, issued by a Norwich bank, that was approved by the SBA.

Applying for an SBA loan with Eastern Federal Bank worked out well for our friends at one local firm in Moosup, Connecticut. They got an SBA loan for $48,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: TIRE RETREADING AND REPAIR SHOPS
MOOSUP, CT 06354

SBA Loan Lender

EASTERN FEDERAL BANK
257 MAIN ST
NORWICH, CT 06360

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7534 - Tire Retreading and Repair Shops

NAICS Code

811198 - Automotive Repair and Maintenance

Loan Approval Date

4/3/2001

Loan Approval Gross Amount

$48,000

Loan Approval from the SBA

Of the total $48,000 loan amount, the SBA guaranteed $40,800.

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 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

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SBA 7A Banks for Norwich, Connecticut Loans

Where to Get an SBA Loan Connecticut