Bangor, Maine Bank Lends Money to Fabricated Structural Metal Manufacturing Company in Newport (rr Name Newport Junct, Maine

Want to talk with a Bangor, Maine bank about a small business loan? Here's one Maine business loan, issued by a Bangor bank, that was approved by the SBA.

Applying for an SBA loan with Merrill Merchants Bank worked out well for our friends at one local company in Newport (rr Name Newport Junct, Maine. They got an SBA loan for $60,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: FABRICATED STRUCTURAL METAL MANUFACTURING
NEWPORT (RR NAME NEWPORT JUNCT, ME 04953

SBA Loan Lender

MERRILL MERCHANTS BANK
201 MAIN ST
BANGOR, ME 04401

The lender provided this loan for a small business through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

332312 - Fabricated Structural Metal Manufacturing

Loan Approval Date

7/14/2005

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $30,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 33 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 35 existing jobs.

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

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Merrill Merchants Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

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