Niantic (east Lyme (sta.)), Connecticut Entrepreneur Gets an SBA Loan

Searching for a Connecticut SBA loan? This Connecticut entrepreneur got an SBA loan, provided by a Rhode Island bank that works with the SBA to help small business owners.

This small business, based in Niantic (east Lyme (sta.)), Connecticut, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Independence Bank. We've got the inside scoop on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: SWITCHGEAR AND SWITCHBOARD APPARATUS
NIANTIC (EAST LYME (STA.)), CT 06357

SBA Loan Lender

INDEPENDENCE BANK
1370 S COUNTY TRL
EAST GREENWICH, RI 02818

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3613 - Switchgear and Switchboard Apparatus

NAICS Code

335313 - Switchgear and Switchboard Apparatus Manufacturing

Loan Approval Date

2/28/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

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 10 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 10 existing jobs.

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

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This SBA loan was for $100,000. How would you spend $100,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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