Raising Money for Heating Oil Dealers

With these bank loans for heating oil dealers, the SBA guarantees the lender that the loan will be repaid. This heating oil dealers loan for $203,000 was given to a Massachusetts entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Andover, Massachusetts was able to borrow $203,000 from Td Banknorth. The SBA made the loan possible by guaranteeing $101,500 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: HEATING OIL DEALERS
NORTH ANDOVER, MA 01845

SBA Loan Lender

TD BANKNORTH
1 PORTLAND SQ
PORTLAND, ME 04101

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

454311 - Heating Oil Dealers

Loan Approval Date

10/14/2005

Loan Approval Gross Amount

$203,000

Loan Approval from the SBA

Of the total $203,000 loan amount, the SBA guaranteed $101,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The loan application indicated that the loan would help retain 8 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $203,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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