Company Gets a Maine Business Loan
SBA loans in Maine are hard to find these days. We take a look at one Maine SBA loan, provided by a Maine bank, that was approved by the SBA.
Getting a small business loan in Wells, Maine was a top priority for this particular business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Rivergreen Bank. Here are the details on this Maine small business loan.
SBA Loan Borrower
COMPANY TYPE: PHYSICIANS
WELLS, ME 04090
SBA Loan Lender
RIVERGREEN BANK
36 PORTLAND RD
KENNEBUNK, ME 04043
This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
621111 - Physicians
Loan Approval Date
5/20/2004
Loan Approval Gross Amount
$120,000
Loan Approval from the SBA
Of the total $120,000 loan amount, the SBA guaranteed $102,000.
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 only one employee. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
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.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Rivergreen Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
How Equity Dilution Works
Where to Get an SBA Loan in Kennebunk, Maine
SBA Lenders in Maine