Savings Inst. Bank & Trust SBA Loan to Data Processing Schools Company

Want a Connecticut business loan? Here's one Connecticut business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Tolland, Connecticut was able to borrow $930,000 from Savings Inst. Bank & Trust. The SBA made the loan possible by guaranteeing $409,200 of this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: DATA PROCESSING SCHOOLS
TOLLAND, CT 06084

SBA Loan Lender

SAVINGS INST. BANK & TRUST
803 MAIN ST
WILLIMANTIC, CT 06226

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8243 - Data Processing Schools

Loan Approval Date

8/3/2000

Loan Approval Gross Amount

$930,000

Loan Approval from the SBA

Of the total $930,000 loan amount, the SBA guaranteed $409,200.

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 2 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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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