Putnam, Connecticut Entrepreneur Gets a Business Loan

Bank loans in Connecticut are hard to find these days. We take a look at one Connecticut bank loan, provided by a Rhode Island bank, that was approved by the SBA.

This small business, based in Putnam, Connecticut, 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 Ups Capital Business Credit. We've got the inside scoop on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
PUTNAM, CT 06260

SBA Loan Lender

UPS CAPITAL BUSINESS CREDIT
55 DORRANCE ST
PROVIDENCE, RI 02903

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

332710 - Machine Shops

Loan Approval Date

11/2/2000

Loan Approval Gross Amount

$685,000

Loan Approval from the SBA

Of the total $685,000 loan amount, the SBA guaranteed $513,750.

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 10 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you need business start up money in Putnam CT, you ought to talk with a local Putnam SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Putnam businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $685,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Business Cash Advances

Find an SBA Lender in Providence, Rhode Island

Rhode Island SBA 7A Banks