Union Savings Bank SBA Loan to Prepared Flour Mixes And Doughs Company

An SBA loan from Union Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Newtown, Connecticut business owner got a $18,000 loan.

Getting a small business loan in Newtown, Connecticut was an essential business goal for this company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Union Savings Bank, operating out of Danbury, Connecticut. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: PREPARED FLOUR MIXES AND DOUGHS
NEWTOWN, CT 06470

SBA Loan Lender

UNION SAVINGS BANK
225 MAIN ST
DANBURY, CT 06810

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2045 - Prepared Flour Mixes and Doughs

NAICS Code

311822 - Flour Mixes and Dough Manufacturing

Loan Approval Date

4/28/2000

Loan Approval Gross Amount

$18,000

Loan Approval from the SBA

Of the total $18,000 loan amount, the SBA guaranteed $14,400.

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 only one employee. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Union Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Union Savings Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Advice on Getting a Small Business Loan

Best Danbury, Connecticut Banks for Small Business

Getting a Business Loan in Connecticut