Entrepreneur Works With Bridgeport, Connecticut Bank to Get an SBA Loan

Thinking about meeting with a Bridgeport, Connecticut bank about a business loan? Here's one Connecticut business loan, issued by a Bridgeport bank, that was approved by the SBA.

Applying for an SBA loan with People's United Bank worked out well for our friends at one local firm in New Britain, Connecticut. The business was able to get an SBA loan for $750,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: AIRCRAFT PARTS AND AUXILIARY EQUIPMENT, N.E.C
NEW BRITAIN, CT 06051

SBA Loan Lender

PEOPLE'S UNITED BANK
850 MAIN ST
BRIDGEPORT, CT 06604

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3728 - Aircraft Parts and Auxiliary Equipment, N.E.C

NAICS Code

332710 - Machine Shops

Loan Approval Date

4/20/2001

Loan Approval Gross Amount

$750,000

Loan Approval from the SBA

Of the total $750,000 loan amount, the SBA guaranteed $562,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into People's United Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

SBIR Funding

Find an SBA Lender in Bridgeport, Connecticut

Getting a Business Loan in Connecticut