Falmouth, Maine Bank Gives SBA Loan to Groceries And Related Products Company

Get to know Falmouth, Maine banks that specialize in small business loans and know how to work with entrepreneurs. Maine Bank & Trust Company is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Portland, Maine starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Maine Bank & Trust Company. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: GROCERIES AND RELATED PRODUCTS
PORTLAND, ME 04101

SBA Loan Lender

MAINE BANK & TRUST COMPANY
188 US RTE 1
FALMOUTH, ME 04105

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5149 - Groceries and Related Products

NAICS Code

422490 - Grocery and Related Products Wholesalers

Loan Approval Date

3/1/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

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 $50,000 loan. Remember, if it to be, it is up to me!

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:

Famous Venture Capitalists

Banks in Falmouth, Maine

Getting an SBA Loan in Maine