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April 23, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Essex, Business Loans > Essex Savings Bank Essex Business Loans > Administrative Management And General Management Consulting Services Loan | ||||
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Essex Savings Bank
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Branford, Connecticut Business Gets SBA-Guaranteed Funding from Essex Savings BankAn SBA loan from Essex Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Branford, Connecticut business owner got a $950,000 loan. This growing company knew how to go about getting a business bank loan. Based in Branford, Connecticut, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Essex Savings Bank, based in Essex, Connecticut. SBA Loan Borrower COMPANY TYPE: ADMINISTRATIVE MANAGEMENT AND GENERAL MANAGEMENT CONSULTING SERVICES SBA Loan Lender ESSEX SAVINGS BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide bank loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541611 - Administrative Management and General Management Consulting Services Loan Approval Date 5/11/2007 Loan Approval Gross Amount $950,000 Loan Approval from the SBA Of the total $950,000 loan amount, the SBA guaranteed $712,500. More Information on This SBA Loan The borrower borrowed this money for a new 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 9 employees. The SBA loan application for the borrower indicated that the loan would help retain 9 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: The Friends and Family Network SBA 7A Lenders in Essex, Connecticut
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