Business Loan from Manufacturers & Traders Trust Given to Prepackaged Software Company
Manufacturers & Traders Trust and the SBA work together to get business loans for growing small businesses. Here's an example of how a Maryland entrepreneur was able to get a loan to take a small business to the next level.
This small firm received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Manufacturers & Traders Trust, out of Towson, Maryland. The loan was granted and they received $50,000 to help grow their Severna Park, Maryland business.
SBA Loan Borrower
COMPANY TYPE: PREPACKAGED SOFTWARE
SEVERNA PARK, MD 21146
SBA Loan Lender
MANUFACTURERS & TRADERS TRUST
405 WASHINGTON AVE
TOWSON, MD 21204
This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7372 - Prepackaged Software
Loan Approval Date
3/15/2000
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $40,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 5 employees. The loan application did not indicate that the business planned to use the funding 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.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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:
SBIR Funding
SBA Approved Banks in Towson, Maryland
SBA Maryland Lenders