Niantic (east Lyme (sta.)), Connecticut Business Gets SBA-Guaranteed Funding from Liberty Bank

Liberty Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Connecticut entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Niantic (east Lyme (sta.)), Connecticut was able to borrow $50,000 from Liberty Bank. The SBA made the loan possible by guaranteeing $25,000 of this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: SCIENTIFIC AND TECHNICAL CONSULTING SERVICES
NIANTIC (EAST LYME (STA.)), CT 06357

SBA Loan Lender

LIBERTY BANK
315 MAIN ST
MIDDLETOWN, CT 06457

This small business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

541690 - Scientific and Technical Consulting Services

Loan Approval Date

6/2/2006

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

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 5 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 5 existing jobs.

Next Steps for Getting an SBA Loan

If you are working on finding money to start a business in Niantic (east Lyme (sta.)) CT, you ought to talk with a local Niantic (east Lyme (sta.)) SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Niantic (east Lyme (sta.)) businesses.

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 Liberty Bank 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.

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