Borrowing Money for Heating Oil Dealers

With these bank loans for heating oil dealers, the SBA guarantees the lender that the loan will be repaid. This heating oil dealers loan for $400,000 was given to a Connecticut entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mystic, Connecticut was able to borrow $400,000 from Ups Capital Business Credit. The SBA made the loan possible by guaranteeing $300,000 of this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: HEATING OIL DEALERS
MYSTIC, CT 06355

SBA Loan Lender

UPS CAPITAL BUSINESS CREDIT
425 DAY HILL RD
WINDSOR, CT 06095

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

454311 - Heating Oil Dealers

Loan Approval Date

5/29/2003

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

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 9 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 9 existing jobs.

Getting an SBA Loan For Your Business

If you are raising money in Mystic CT, you ought to talk with a local Mystic SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mystic businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Ups Capital Business Credit 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.

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