Torrington, Connecticut Business Gets SBA-Guaranteed Funding from Thomaston Savings Bank

An SBA loan from Thomaston Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Torrington, Connecticut business owner got a $68,000 loan.

This business knew how to go about getting a business bank loan. Based in Torrington, Connecticut, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Thomaston Savings Bank, based in Thomaston, Connecticut.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
TORRINGTON, CT 06790

SBA Loan Lender

THOMASTON SAVINGS BANK
203 MAIN ST
THOMASTON, CT 06787

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

7/24/2007

Loan Approval Gross Amount

$68,000

Loan Approval from the SBA

Of the total $68,000 loan amount, the SBA guaranteed $34,000.

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 10 employees. The loan application indicated that the loan would help generate 5 new jobs and retain 5 existing jobs.

Next Steps for Getting an SBA Loan

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

While you may be able to find other ways to get money to start a business, 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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