Biddeford, Maine Entrepreneur Gets a Small Business Loan

Want a Maine SBA loan? This Maine entrepreneur got an SBA loan, provided by a Maine bank that works with the SBA to help small business owners.

Getting a small business loan in Biddeford, Maine was a top priority for this particular business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Pepperell Bank & Trust. Here are the details on this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: GAS TRANSMISSION AND DISTRIBUTION
BIDDEFORD, ME 04005

SBA Loan Lender

PEPPERELL BANK & TRUST
163 MAIN ST
BIDDEFORD, ME 04005

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4923 - Gas Transmission and Distribution

NAICS Code

454311 - Heating Oil Dealers

Loan Approval Date

12/8/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 6 employees. The SBA loan documents 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?

Don't apply for a loan directly with the SBA. You need to 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.

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 Pepperell Bank & Trust 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:

Determining Proper Capital Structure for a Business

Where to Get an SBA Loan in Biddeford, Maine

SBA Participating Banks in Maine