Proctor, Vermont Entrepreneur Gets an SBA Loan

Business loans in Vermont are hard to find these days. We take a look at one Vermont business loan, provided by a Vermont bank, that was approved by the SBA.

This small business, based in Proctor, Vermont, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Lake Sunapee Bank, Fsb. We've got the inside scoop on this Vermont small business loan.

SBA Loan Borrower

COMPANY TYPE: GASOLINE STATIONS WITH CONVENIENCE STORES
PROCTOR, VT 05765

SBA Loan Lender

LAKE SUNAPEE BANK, FSB
2 PARK ST
BRANDON, VT 05733

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

6/29/2004

Loan Approval Gross Amount

$117,800

Loan Approval from the SBA

Of the total $117,800 loan amount, the SBA guaranteed $100,130.

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 3 employees. The SBA loan documents did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Lake Sunapee Bank, Fsb 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:

Getting a Small Business Loan

Where to Get an SBA Loan in Brandon, Vermont

Vermont SBA 7A Lenders