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May 19, 2024 |
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| Home > Small Business Lenders by State > Vermont Business Loan Sources > South Burlington, Business Loans > The Merchants Bank South Burlington Business Loans > Residential Remodelers Loan | ||||
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The Merchants Bank Business Loan Middlebury, Vermont
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SBA Loan from The Merchants Bank Helps Residential Remodelers CompanyThe Merchants Bank 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 Vermont entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Middlebury, Vermont was able to borrow $365,000 from The Merchants Bank. The SBA made the loan possible by guaranteeing $273,750 of this Vermont small business loan. SBA Loan Borrower COMPANY TYPE: RESIDENTIAL REMODELERS SBA Loan Lender THE MERCHANTS BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 236118 - Residential Remodelers Loan Approval Date 2/16/2005 Loan Approval Gross Amount $365,000 Loan Approval from the SBA Of the total $365,000 loan amount, the SBA guaranteed $273,750. 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 15 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs and retain 15 existing jobs. Start the Process for Getting an SBA Loan Today! If you are working on finding money to start a business in Middlebury VT, you ought to talk with a local Middlebury SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Middlebury businesses. 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 The Merchants Bank 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. Related Links: Dealing With Venture Capitalists Where to Get an SBA Loan in South Burlington, Vermont
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