Local Business Gets a Connecticut Bank Loan

Business loans in Connecticut are tough to come by these days. We take a look at one Connecticut business loan, provided by a Connecticut bank, that was approved by the SBA.

You can learn something about getting a small business loan in New London, Connecticut by studying this loan to a local business, made back in 2000. Banks like Eastern Federal Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
NEW LONDON, CT 06320

SBA Loan Lender

EASTERN FEDERAL BANK
257 MAIN ST
NORWICH, CT 06360

When it made this small business loan, the lender participated in the SBA's Certified Lenders Program (CLP). This program aims to offer rapid 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.

SIC Code

5812 - Eating Places

Loan Approval Date

2/24/2000

Loan Approval Gross Amount

$32,000

Loan Approval from the SBA

Of the total $32,000 loan amount, the SBA guaranteed $25,600.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Eastern Federal Bank and they will explain how you can get an SBA loan for your company.

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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Find an SBA Lender in Norwich, Connecticut

SBA Participating Banks in Connecticut