Old Orchard Beach, Maine Business Gets SBA-Guaranteed Funding from Kennebunk Savings Bank

Kennebunk Savings 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 Maine entrepreneur who tapped into the power of SBA loans.

This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Kennebunk Savings Bank, out of Kennebunk, Maine. The loan was granted and they received $367,500 to help grow their Old Orchard Beach, Maine business.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
OLD ORCHARD BEACH, ME 04064

SBA Loan Lender

KENNEBUNK SAVINGS BANK
104 MAIN ST
KENNEBUNK, ME 04043

At the time this loan was granted, the lender participated in the SBA's Certified Lenders Program (CLP). This program is designed to give expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/5/2002

Loan Approval Gross Amount

$367,500

Loan Approval from the SBA

Of the total $367,500 loan amount, the SBA guaranteed $275,625.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Kennebunk Savings Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for 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.

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