Raising Money for Personal Services

With these business loans for personal services, the SBA guarantees the lender that the loan will be repaid. This personal services loan for $158,400 was given to a Connecticut entrepreneur in 2004.

This small business knew how to go about getting a business bank loan. Based in New Britain, Connecticut, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Webster Bank, based in Cheshire, Connecticut.

SBA Loan Borrower

COMPANY TYPE: PERSONAL SERVICES
NEW BRITAIN, CT 06052

SBA Loan Lender

WEBSTER BANK
609 W JOHNSON AVE
CHESHIRE, CT 06410

When this loan was made, this lending institution participated in the SBA's Certified Lenders Program (CLP). This program was created to give speedy service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812990 - Personal Services

Loan Approval Date

5/12/2004

Loan Approval Gross Amount

$158,400

Loan Approval from the SBA

Of the total $158,400 loan amount, the SBA guaranteed $133,056.

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 4 employees. The loan application did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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:

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Where to Get an SBA Loan in Cheshire, Connecticut

Getting an SBA Loan in Connecticut