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November 15, 2024 |
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| Home > Small Business Lenders by State > New Hampshire Business Loan Sources > Keene, Business Loans > Ocean Bank Keene Business Loans > Manufacturing Loan | ||||
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How to Get a Business Loan from Ocean Bank
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SBA Loan from Ocean Bank Helps Manufacturing CompanyOcean Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Hampshire entrepreneur was able to get a loan to take a small business to the next level. This small firm knew how to go about getting a business bank loan. Based in Wilton (census Name For Wilton, New Hampshire, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Ocean Bank, based in Keene, New Hampshire. SBA Loan Borrower COMPANY TYPE: MANUFACTURING SBA Loan Lender OCEAN BANK 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 339999 - Manufacturing Loan Approval Date 11/25/2003 Loan Approval Gross Amount $200,000 Loan Approval from the SBA Of the total $200,000 loan amount, the SBA guaranteed $150,000. 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 17 employees. The loan application indicated that the loan would help generate 1 new job and retain 16 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Remember, you 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Ocean Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Ocean Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Microlending as a Small Business Funding Source Small Business Banks in Keene, New Hampshire
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