Saco, Maine Entrepreneur Gets a Bank Loan

Business loans in Maine are are few and far betweeen these days. We take a look at one Maine business loan, provided by a Maine bank, that was approved by the SBA.

You can learn something about getting a small business loan in Saco, Maine by studying this loan to a local business, made back in 2005. Banks like Rivergreen Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES
SACO, ME 04072

SBA Loan Lender

RIVERGREEN BANK
36 PORTLAND RD
KENNEBUNK, ME 04043

This lender issued this loan for a small business under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7699 - Repair Shops and Related Services

NAICS Code

561790 - Services to Buildings and Dwellings

Loan Approval Date

4/19/2005

Loan Approval Gross Amount

$454,500

Loan Approval from the SBA

Of the total $454,500 loan amount, the SBA guaranteed $340,875.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 5 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Rivergreen Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Rivergreen 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

SBA Approved Banks in Kennebunk, Maine

Maine SBA 7A Lenders