Sovereign Bank SBA Loan to Eating Places Company

Searching for a Pennsylvania business loan? Here's one Pennsylvania business loan that was approved by the SBA.

This growing firm needed an SBA business loan in Williamsport, Pennsylvania back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Sovereign Bank, operating out of Williamsport, Pennsylvania. Here are the details on this Pennsylvania small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
WILLIAMSPORT, PA 17701

SBA Loan Lender

SOVEREIGN BANK
33 WEST 3RD ST
WILLIAMSPORT, PA 17701

This commercial loan was sent in by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA delivers a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

5/10/2000

Loan Approval Gross Amount

$536,400

Loan Approval from the SBA

Of the total $536,400 loan amount, the SBA guaranteed $402,300.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 35 employees. The loan application did not indicate that the small business planned 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?

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Sovereign Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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