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May 21, 2024 |
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| Home > Small Business Lenders by State > Maine Business Loan Sources > Portsmouth, Business Loans > Ocean Bank Portsmouth Business Loans > Residential Care Loan | ||||
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Ocean Bank
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Business Loan from Ocean Bank Given to Residential Care CompanyOcean Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Maine entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Westbrook, Maine was able to borrow $688,000 from Ocean Bank. The SBA made the loan possible by guaranteeing $516,000 of this Maine small business loan. SBA Loan Borrower COMPANY TYPE: RESIDENTIAL CARE SBA Loan Lender OCEAN BANK This lender issued this business loan under the SBA 7A lending 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 8361 - Residential Care NAICS Code 623311 - Continuing Care Retirement Communities Loan Approval Date 1/13/2005 Loan Approval Gross Amount $688,000 Loan Approval from the SBA Of the total $688,000 loan amount, the SBA guaranteed $516,000. 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 4 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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: SBA 7A Banks for Portsmouth, New Hampshire Loans
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