Growing Company Gets a Maine SBA Loan

Would a Maine bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Maine bank, which offers SBA loans to Maine entrepreneurs.

Getting a small business loan in Union, Maine was a top priority for this loan applicant back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Union Trust Company. Here are the details on this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
UNION, ME 04862

SBA Loan Lender

UNION TRUST COMPANY
1768 ATLANTIC HWY
WALDOBORO, ME 04572

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

Loan Approval Date

6/20/2000

Loan Approval Gross Amount

$111,000

Loan Approval from the SBA

Of the total $111,000 loan amount, the SBA guaranteed $83,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

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

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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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