Maine Bank & Trust Company SBA Loan to Auto And Home Supply Stores Company

An SBA loan from Maine Bank & Trust Company typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Portland, Maine business owner got a $71,700 loan.

This business knew how to go about getting a business bank loan. Based in Portland, Maine, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Maine Bank & Trust Company, based in Portland, Maine.

SBA Loan Borrower

COMPANY TYPE: AUTO AND HOME SUPPLY STORES
PORTLAND, ME 04103

SBA Loan Lender

MAINE BANK & TRUST COMPANY
467 CONGRESS ST
PORTLAND, ME 04104

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5531 - Auto and Home Supply Stores

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

4/6/2000

Loan Approval Gross Amount

$71,700

Loan Approval from the SBA

Of the total $71,700 loan amount, the SBA guaranteed $57,360.

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 only one employee. The SBA loan application for the borrower did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Maine Bank & Trust Company 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:

Advice on Getting a Small Business Loan

Best Portland, Maine Banks for Small Business

Getting a Business Loan in Maine