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April 18, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Simsbury, Business Loans > Simsbury Bank & Trust Inc. Simsbury Business Loans > Drinking Places Loan | ||||
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Simsbury Bank & Trust Inc.
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Business Loan from Simsbury Bank & Trust Inc. Given to Drinking Places CompanySimsbury Bank & Trust Inc. is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Connecticut entrepreneur who tapped into the power of SBA loans. This business knew how to go about getting a business bank loan. Based in Granby, Connecticut, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Simsbury Bank & Trust Inc., based in Simsbury, Connecticut. SBA Loan Borrower COMPANY TYPE: DRINKING PLACES SBA Loan Lender SIMSBURY BANK & TRUST INC. This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722410 - Drinking Places Loan Approval Date 8/25/2004 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $225,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. We can help you find the best banks for small businesses in Granby or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: Advice on Getting a Small Business Loan Best Banks in Simsbury, Connecticut
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