Portsmouth, New Hampshire Bank Gives SBA Loan to Drywall And Insulation Contractors Company

Want to talk with a Portsmouth, New Hampshire bank about an SBA loan? Here's one New Hampshire business loan, issued by a Portsmouth bank, that was approved by the SBA.

Applying for an SBA loan with Ocean Bank worked out well for our friends at one local firm in Manchester, New Hampshire. The business was able to get an SBA loan for $1,300,000. Great job!

SBA Loan Borrower

COMPANY TYPE: DRYWALL AND INSULATION CONTRACTORS
Manchester, NH 03109

SBA Loan Lender

OCEAN BANK
325 STATE ST
PORTSMOUTH, NH 03801

This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238310 - Drywall and Insulation Contractors

Loan Approval Date

3/14/2007

Loan Approval Gross Amount

$1,300,000

Loan Approval from the SBA

Of the total $1,300,000 loan amount, the SBA guaranteed $975,000.

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 26 employees. The SBA loan documents indicated that the loan would help retain 26 existing jobs.

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

SBA loans provide money to small business owners for working capital for other expenses.

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.

Related Links:

Determining Proper Capital Structure for a Business

SBA 7A Lenders in Portsmouth, New Hampshire

SBA Participating Banks in New Hampshire