Getting an SBA Loan for Funeral Homes and Funeral Services

With these commercial loans for funeral homes and funeral services, the SBA guarantees the lender that the loan will be repaid. This funeral homes and funeral services loan for $750,000 was given to a Maine entrepreneur in 2005.

This business knew how to go about getting a business bank loan. Based in Springvale, Maine, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Sanford Institution For Saving, based in Sanford, Maine.

SBA Loan Borrower

COMPANY TYPE: FUNERAL SERVICE AND CREMATORIES
SPRINGVALE, ME 04083

SBA Loan Lender

SANFORD INSTITUTION FOR SAVING
900 MAIN ST
SANFORD, ME 04073

This business loan was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending track record and are well trained in SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7261 - Funeral Service and Crematories

NAICS Code

812210 - Funeral Homes and Funeral Services

Loan Approval Date

2/10/2005

Loan Approval Gross Amount

$750,000

Loan Approval from the SBA

Of the total $750,000 loan amount, the SBA guaranteed $562,500.

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 6 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Sanford Institution For Saving and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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