Borrowing Money for Lawyers

With these loans for lawyers, the SBA guarantees the lender that the loan will be repaid. This lawyers loan for $150,000 was given to a Connecticut entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in Waterbury, Connecticut, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Apple Valley Bank & Trust, based in Cheshire, Connecticut.

SBA Loan Borrower

COMPANY TYPE: LAWYERS
WATERBURY, CT 06702

SBA Loan Lender

APPLE VALLEY BANK & TRUST
286 MAPLE AVE
CHESHIRE, CT 06410

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541110 - Lawyers

Loan Approval Date

2/20/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 3 employees. The SBA loan documents did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

We can help you find the best banks for small businesses in Waterbury or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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.

Related Links:

Realistic Debt Financing Options

Small Business Banks in Cheshire, Connecticut

SBA Participating Banks in Connecticut