Willimantic, Connecticut Entrepreneur Gets a Small Business Loan

Business loans in Connecticut are hard to find these days. We take a look at one Connecticut business loan, provided by a Connecticut bank, that was approved by the SBA.

This small business, based in Willimantic, 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 The Savings Bank Of Manchester. We've got the inside scoop on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: BAKED GOODS STORES
WILLIMANTIC, CT 06226

SBA Loan Lender

THE SAVINGS BANK OF MANCHESTER
1137 MAIN ST
EAST HARTFORD, CT 06108

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445291 - Baked Goods Stores

Loan Approval Date

7/2/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

While you may be able to find other ways to get money to start a business, 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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