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March 28, 2024  
 
 
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I Need an SBA Loan in Newington, Connecticut

 

 
Loan Census SBA Loan Info

How to Get a Loan for Commercial and Institutional Building Construction

Looking for business loans for commercial and institutional building construction? The SBA may be the answer. This $75,000 commercial and institutional building construction loan was issued by a Connecticut bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Newington, Connecticut was able to borrow $75,000 from Farmington Savings Bank. The SBA made the loan possible by guaranteeing $60,000 of this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: OPERATIVE BUILDERS
NEWINGTON, CT 06111

SBA Loan Lender

FARMINGTON SAVINGS BANK
475 BROAD ST
BRISTOL, CT 06010

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1531 - Operative Builders

NAICS Code

233320 - Commercial and Institutional Building Construction

Loan Approval Date

11/17/2000

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $60,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Remember, 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.

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.

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