Borrowing Money for Air and Gas Compressor Manufacturing

With these bank loans for air and gas compressor manufacturing, the SBA guarantees the lender that the loan will be repaid. This air and gas compressor manufacturing loan for $435,000 was given to a Connecticut entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Norwalk, Connecticut was able to borrow $435,000 from People's United Bank. The SBA made the loan possible by guaranteeing $326,250 of this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: AIR AND GAS COMPRESSOR MANUFACTURING
NORWALK, CT 06856

SBA Loan Lender

PEOPLE'S UNITED BANK
850 MAIN ST
BRIDGEPORT, CT 06604

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.

NAICS Code

333912 - Air and Gas Compressor Manufacturing

Loan Approval Date

8/9/2004

Loan Approval Gross Amount

$435,000

Loan Approval from the SBA

Of the total $435,000 loan amount, the SBA guaranteed $326,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 35 employees. This SBA loan request indicated that the loan would help retain 35 existing jobs.

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like People's United 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.

Related Links:

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Where to Get an SBA Loan in Bridgeport, Connecticut

Connecticut SBA Banks