SBA Loan from First County Bank Helps Sheet Metal Work Manufacturing Company

An SBA loan from First County Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Stratford, Connecticut business owner got a $1,500,000 loan.

This small firm knew how to go about getting a business bank loan. Based in Stratford, Connecticut, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was First County Bank, based in Stamford, Connecticut.

SBA Loan Borrower

COMPANY TYPE: SHEET METAL WORK MANUFACTURING
STRATFORD, CT 06615

SBA Loan Lender

FIRST COUNTY BANK
2950 SUMMER ST
STAMFORD, CT 06905

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332322 - Sheet Metal Work Manufacturing

Loan Approval Date

5/19/2004

Loan Approval Gross Amount

$1,500,000

Loan Approval from the SBA

Of the total $1,500,000 loan amount, the SBA guaranteed $1,125,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 37 employees. The loan application did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

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 First County Bank 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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