Getting an SBA Loan for On-Line Information Services

With these SBA loans for on-line information services, the SBA guarantees the lender that the loan will be repaid. This on-line information services loan for $550,000 was given to a Connecticut entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Southington, Connecticut was able to borrow $550,000 from Valley Bank. The SBA made the loan possible by guaranteeing $412,500 of this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: COMPUTER PROCESSING AND DATA PREPARATION
SOUTHINGTON, CT 06489

SBA Loan Lender

VALLEY BANK
FOUR RIVERSIDE AVE
BRISTOL, CT 06010

This lender issued this loan for a small business under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 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

7374 - Computer Processing and Data Preparation

NAICS Code

514191 - On-Line Information Services

Loan Approval Date

1/18/2001

Loan Approval Gross Amount

$550,000

Loan Approval from the SBA

Of the total $550,000 loan amount, the SBA guaranteed $412,500.

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 11 employees. The loan application did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We've showcased information on this loan to let you know that businesses like yours 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:

Obtaining Funding From a Venture Capitalist

SBA 7A Banks in Bristol, Connecticut

SBA Lenders in Connecticut