Firm Gets a Vermont Small Business Loan

Would a Vermont small business loan help your small business to grow and prosper? If so, you may want to talk with this Vermont bank, which offers SBA loans to Vermont entrepreneurs.

Getting a small business loan in St. Johnsbury, Vermont was a top priority for this small company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Passumpsic Savings Bank. Here are the details on this Vermont small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
ST. JOHNSBURY, VT 05819

SBA Loan Lender

PASSUMPSIC SAVINGS BANK
497 RAILROAD ST
SAINT JOHNSBURY, VT 05819

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

2/4/2002

Loan Approval Gross Amount

$62,555

Loan Approval from the SBA

Of the total $62,555 loan amount, the SBA guaranteed $53,172.

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

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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Banks in Saint Johnsbury, Vermont

Vermont SBA Bank Lenders