Simsbury Bank & Trust Inc. Gives Business Loan to Millwork Company

Would a Connecticut small business loan help your small business to grow and prosper? If so, you may want to talk with this Connecticut bank, which offers SBA loans to Connecticut entrepreneurs.

This company, based in Unionville, Connecticut, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Simsbury Bank & Trust Inc.. We've got the inside scoop on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: MILLWORK
UNIONVILLE, CT 06085

SBA Loan Lender

SIMSBURY BANK & TRUST INC.
760 HOPMEADOW ST
SIMSBURY, CT 06070

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

321918 - Millwork

Loan Approval Date

1/10/2002

Loan Approval Gross Amount

$283,000

Loan Approval from the SBA

Of the total $283,000 loan amount, the SBA guaranteed $212,250.

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 11 employees. This SBA loan request did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

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

Although it's called an SBA loan, 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.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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