Business Loan from City 1st Bank - D.C. Given to Management Services Company

City 1st Bank - D.C. is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Maryland entrepreneur who tapped into the power of SBA loans.

This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with City 1st Bank - D.C., out of Washington, District of Columbia. The loan was granted and they received $229,500 to help grow their Silver Spring, Maryland business.

SBA Loan Borrower

COMPANY TYPE: MANAGEMENT SERVICES
SILVER SPRING, MD 20910

SBA Loan Lender

CITY 1ST BANK - D.C.
1432 U ST NW
WASHINGTON, DC 20009

This lender issued this commercial loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8741 - Management Services

Loan Approval Date

9/18/2000

Loan Approval Gross Amount

$229,500

Loan Approval from the SBA

Of the total $229,500 loan amount, the SBA guaranteed $172,125.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

We can help you find the best banks for small businesses in Silver Spring or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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