Wilmington, Delaware Lender Lends Money to Communications Services Company

Find Wilmington, Delaware banks that specialize in SBA loans and know how to work with entrepreneurs. Wilmington Savings Fund Societ is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Newark, Delaware starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Wilmington Savings Fund Societ. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: COMMUNICATIONS SERVICES
NEWARK, DE 19702

SBA Loan Lender

WILMINGTON SAVINGS FUND SOCIET
500 DELAWARE AVE
WILMINGTON, DE 19801

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide bank 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

4899 - Communications Services

Loan Approval Date

4/10/2000

Loan Approval Gross Amount

$303,000

Loan Approval from the SBA

Of the total $303,000 loan amount, the SBA guaranteed $227,250.

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 16 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 Wilmington Savings Fund Societ 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:

Business Credit Evaluation

Best Banks for Small Business in Wilmington, Delaware

Delaware SBA 7A Lenders