First County Bank Gives SBA Loan to Automotive Services Company

Business loans in Connecticut are tough to come by these days. We take a look at one Connecticut business loan, provided by a Connecticut bank, that was approved by the SBA.

Getting a small business loan in Stamford, Connecticut was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from First County Bank. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE SERVICES
STAMFORD, CT 06902

SBA Loan Lender

FIRST COUNTY BANK
2950 SUMMER ST
STAMFORD, CT 06905

This lender issued this commercial loan under the SBA's 7(a) guaranteed loan program, 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

7549 - Automotive Services

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

5/3/2002

Loan Approval Gross Amount

$450,000

Loan Approval from the SBA

Of the total $450,000 loan amount, the SBA guaranteed $337,500.

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 22 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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.

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