New Britain, Connecticut Lender Lends Money to Motor Vehicle Parts, Used Company

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

Applying for an SBA loan with Webster Bank worked out well for our friends at one local company in New Britain, Connecticut. The business was able to get an SBA loan for $60,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE PARTS, USED
NEW BRITAIN, CT 06052

SBA Loan Lender

WEBSTER BANK
436 SLATER RD
NEW BRITAIN, CT 06053

This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5015 - Motor Vehicle Parts, Used

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

4/9/2002

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Webster Bank 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.

Related Links:

Business Incubators

SBA Approved Banks in New Britain, Connecticut

Getting an SBA Loan in Connecticut