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May 3, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Baltimore, Business Loans > Chesapeake Bank Of Maryland Baltimore Business Loans > Business Services Loan | ||||
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Maryland Small Business Funding
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Financing for Interior Design ServicesWith these loans for interior design services, the SBA guarantees the lender that the loan will be repaid. This interior design services loan for $65,000 was given to a Maryland entrepreneur in 2003. Getting a small business loan in Towson, Maryland was important for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Chesapeake Bank Of Maryland, operating out of Baltimore, Maryland. Here are the details on this Maryland small business loan. SBA Loan Borrower COMPANY TYPE: BUSINESS SERVICES SBA Loan Lender CHESAPEAKE BANK OF MARYLAND This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7389 - Business Services NAICS Code 541410 - Interior Design Services Loan Approval Date 5/22/2003 Loan Approval Gross Amount $65,000 Loan Approval from the SBA Of the total $65,000 loan amount, the SBA guaranteed $55,250. 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 5 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Chesapeake Bank Of Maryland and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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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