St. Johnsbury, Vermont Business Gets SBA-Guaranteed Funding from Community National Bank

Community National Bank has a track record as a leading provider of SBA loans. Find out how this Vermont entrepreneur received an SBA loan from them.

This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Community National Bank, out of Lyndonville, Vermont. The loan was granted and they received $63,500 to help grow their St. Johnsbury, Vermont business.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
ST. JOHNSBURY, VT 05819

SBA Loan Lender

COMMUNITY NATIONAL BANK
1033 BROAD ST
LYNDONVILLE, VT 05851

This lender processed this debt financing under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

812320 - Drycleaning and Laundry Services

Loan Approval Date

1/3/2003

Loan Approval Gross Amount

$63,500

Loan Approval from the SBA

Of the total $63,500 loan amount, the SBA guaranteed $31,750.

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 14 employees. The loan application indicated that the loan would help retain 14 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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.

Related Links:

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Where to Get an SBA Loan in Lyndonville, Vermont

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