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May 10, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > West Springfield, Business Loans > Newalliance Bank West Springfield Business Loans > Wholesale Trade Agents And Brokers Loan | ||||
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Newington (town Of), Connecticut Bank for SBA Loans
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Where to Get Capital for Wholesale Trade Agents and BrokersLooking for small business loans for wholesale trade agents and brokers? The SBA may be the answer. This $350,000 wholesale trade agents and brokers loan was issued by a Massachusetts bank. This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Newalliance Bank, out of West Springfield, Massachusetts. The loan was granted and they received $350,000 to help grow their Newington (town Of), Connecticut business. SBA Loan Borrower COMPANY TYPE: WHOLESALE TRADE AGENTS AND BROKERS SBA Loan Lender NEWALLIANCE BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 425120 - Wholesale Trade Agents and Brokers Loan Approval Date 10/27/2004 Loan Approval Gross Amount $350,000 Loan Approval from the SBA Of the total $350,000 loan amount, the SBA guaranteed $175,000. 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 25 employees. The loan application indicated that the loan would help retain 25 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Although it's called an SBA loan, you 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Newalliance Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Newalliance Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Role of Business Plan When Raising Money Best Banks in West Springfield, Massachusetts
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