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December 19, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Essex, Business Loans > Essex Savings Bank Essex Business Loans > Painting And Wall Covering Contractors Loan | ||||
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How to Get Commercial Loans in Old Lyme, Connecticut
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Old Lyme, Connecticut Entrepreneur Gets a Small Business LoanSBA loans in Connecticut are tough to come by these days. We take a look at one Connecticut SBA loan, provided by a Connecticut bank, that was approved by the SBA. Getting a small business loan in Old Lyme, Connecticut was a top priority for this particular business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Essex Savings Bank. Here are the details on this Connecticut small business loan. SBA Loan Borrower COMPANY TYPE: PAINTING AND WALL COVERING CONTRACTORS SBA Loan Lender ESSEX SAVINGS BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 238320 - Painting and Wall Covering Contractors Loan Approval Date 2/17/2005 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $25,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees. 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. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $30,000 loan. Remember, anyone can do it... so why not you? 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: Find an SBA Lender in Essex, Connecticut
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