1st National Bank - Suffield SBA Loan to Telephone Communications Company

1st National Bank - Suffield has a track record as a leading provider of SBA loans. Find out how this Connecticut entrepreneur received an SBA loan from them.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with 1st National Bank - Suffield, out of Suffield, Connecticut. The loan was granted and they received $85,000 to help grow their Windsor Locks, Connecticut business.

SBA Loan Borrower

COMPANY TYPE: TELEPHONE COMMUNICATIONS
WINDSOR LOCKS, CT 06096

SBA Loan Lender

1ST NATIONAL BANK - SUFFIELD
30 BRIDGE ST
SUFFIELD, CT 06078

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4813 - Telephone Communications

NAICS Code

513310 - Wired Telecommunications Carriers

Loan Approval Date

7/25/2003

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

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 11 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great source of funding.

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 1st National Bank - Suffield 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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