SBA Loan from Gorham Savings Bank Helps Animal Specialty Services Company

Gorham Savings Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Maine entrepreneur was able to get a loan to take a small business to the next level.

This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Gorham Savings Bank, out of Gorham, Maine. The loan was granted and they received $20,000 to help grow their Scarborough, Maine business.

SBA Loan Borrower

COMPANY TYPE: ANIMAL SPECIALTY SERVICES
SCARBOROUGH, ME 04074

SBA Loan Lender

GORHAM SAVINGS BANK
64 MAIN ST
GORHAM, ME 04038

This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0752 - Animal Specialty Services

NAICS Code

812910 - Pet Care Services

Loan Approval Date

6/7/2002

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $17,000.

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

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Gorham Savings Bank and they will explain how you can get an SBA loan for your company.

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:

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