Pnc Bank, National Association SBA Loan to Lumber, Plywood, Millwork, And Wood Panels Company

Searching for a Maryland SBA loan? Here's one Maryland business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Salisbury, Maryland was able to borrow $400,000 from Pnc Bank, National Association. The SBA made the loan possible by guaranteeing $300,000 of this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: LUMBER, PLYWOOD, MILLWORK, AND WOOD PANELS
SALISBURY, MD 21801

SBA Loan Lender

PNC BANK, NATIONAL ASSOCIATION
11732 SOMERSET AVE
PRINCESS ANNE, MD 21853

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.

SIC Code

5031 - Lumber, Plywood, Millwork, and Wood Panels

NAICS Code

421310 -

Loan Approval Date

1/10/2000

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

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 17 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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