Company Gets a Maine Bank Loan

Would a Maine SBA loan help your business get to the next level? If so, you may want to talk with this Maine bank, which offers SBA loans to Maine entrepreneurs.

Getting a small business loan in Sanford, Maine was a top priority for this particular business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Sanford Institution For Saving. Here are the details on this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: PERSONAL SERVICES
SANFORD, ME 04073

SBA Loan Lender

SANFORD INSTITUTION FOR SAVING
900 MAIN ST
SANFORD, ME 04073

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7299 - Personal Services

NAICS Code

532220 - Formal Wear and Costume Rental

Loan Approval Date

6/6/2001

Loan Approval Gross Amount

$135,900

Loan Approval from the SBA

Of the total $135,900 loan amount, the SBA guaranteed $115,515.

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. This SBA loan request did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Sanford Institution For Saving and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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 Credit Evaluation

SBA Approved Banks in Sanford, Maine

SBA Lenders in Maine