Silver Spring, Maryland Entrepreneur Gets a Bank Loan

MarylandSmall business loans are available to Maryland small business owners through the SBA. In this case, a District of Columbia bank provides the loan.

Getting a small business loan in Silver Spring, Maryland was a top priority for this small company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from City 1st Bank - D.C.. Here are the details on this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: RETAIL BAKERIES
SILVER SPRING, MD 20910

SBA Loan Lender

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

This SBA bank 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

5461 - Retail Bakeries

NAICS Code

445291 - Baked Goods Stores

Loan Approval Date

6/3/2005

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

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 30 employees. The loan application 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

If you are interested in getting 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like City 1st Bank - D.C. that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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