South Paris, Maine Business Gets SBA-Guaranteed Funding from Mechanics' Savings Bank

Mechanics' Savings Bank 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 Maine entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in South Paris, Maine was an essential business goal for this firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Mechanics' Savings Bank, operating out of Auburn, Maine. Here are the details on this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: INDIVIDUAL AND FAMILY SOCIAL SERVICES
SOUTH PARIS, ME 04281

SBA Loan Lender

MECHANICS' SAVINGS BANK
100 MINOT AVE
AUBURN, ME 04210

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8322 - Individual and Family Social Services

NAICS Code

624110 - Child and Youth Services

Loan Approval Date

7/15/2002

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 35 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Mechanics' Savings Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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 Incubators

Small Business Banks in Auburn, Maine

Getting an SBA Loan in Maine