Entrepreneur Works With Lancaster, New Hampshire Bank to Get an SBA Loan

Get to know Lancaster, New Hampshire banks that specialize in small business loans and know how to work with entrepreneurs. Passumpsic Savings Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in South Ryegate, Vermont starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Passumpsic Savings Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
SOUTH RYEGATE, VT 05069

SBA Loan Lender

PASSUMPSIC SAVINGS BANK
117 MAIN ST
LANCASTER, NH 03584

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

NAICS Code

445120 - Convenience Stores

Loan Approval Date

6/27/2003

Loan Approval Gross Amount

$149,130

Loan Approval from the SBA

Of the total $149,130 loan amount, the SBA guaranteed $126,760.

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 5 employees. This SBA loan request did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Financing Your Business

Small Business Banks in Lancaster, New Hampshire

SBA Lenders in New Hampshire