Hardware Stores Commercial Loans
With these commercial loans for hardware stores, the SBA guarantees the lender that the loan will be repaid. This hardware stores loan for $65,500 was given to a Maine entrepreneur in 2002.
Getting a small business loan in Winthrop (census Name For Wint, Maine was important for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America, operating out of Providence, Rhode Island. Here are the details on this Maine small business loan.
SBA Loan Borrower
COMPANY TYPE: HARDWARE STORES
WINTHROP (CENSUS NAME FOR WINT, ME 04364
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
The lender provided this debt financing through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.
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
444130 - Hardware Stores
Loan Approval Date
9/24/2002
Loan Approval Gross Amount
$65,500
Loan Approval from the SBA
Of the total $65,500 loan amount, the SBA guaranteed $32,750.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 10 employees. The SBA loan application for the borrower indicated that the loan would help retain 10 existing jobs.
Getting an SBA Loan For Your Business
Don't apply for a loan directly with the SBA. You need to 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.
If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Bank Of America so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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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