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May 10, 2024 |
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| Home > Small Business Lenders by State > Maine Business Loan Sources > Norway, Business Loans > Norway Savings Bank Norway Business Loans > Liquefied Petroleum Gas Dealers Loan | ||||
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How to Get SBA Loans in Denmanrk, Maine
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Liquefied Petroleum Gas Dealers Bank LoansWith these bank loans for liquefied petroleum gas dealers, the SBA guarantees the lender that the loan will be repaid. This liquefied petroleum gas dealers loan for $405,000 was given to a Maine entrepreneur in 2005. This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Norway Savings Bank, out of Norway, Maine. The loan was granted and they received $405,000 to help grow their Denmanrk, Maine business. SBA Loan Borrower COMPANY TYPE: LIQUEFIED PETROLEUM GAS DEALERS SBA Loan Lender NORWAY SAVINGS BANK This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5984 - Liquefied Petroleum Gas Dealers NAICS Code 454312 - Liquefied Petroleum Gas Dealers Loan Approval Date 10/12/2005 Loan Approval Gross Amount $405,000 Loan Approval from the SBA Of the total $405,000 loan amount, the SBA guaranteed $303,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 11 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Every year, the SBA guarantees over $10 billion for loans just like this one. 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:
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