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May 9, 2024 |
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| Home > Small Business Lenders by State > New Hampshire Business Loan Sources > Portsmouth, Business Loans > Ocean Bank Portsmouth Business Loans > Schools And Educational Services Loan | ||||
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Concord, New Hampshire Bank for SBA Loans
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Small Business Loans for Exam Preparation and TutoringLooking for small business loans for exam preparation and tutoring? The SBA may be the answer. This $18,500 exam preparation and tutoring loan was issued by a New Hampshire bank. This small firm knew how to go about getting a business bank loan. Based in Concord, New Hampshire, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Ocean Bank, based in Portsmouth, New Hampshire. SBA Loan Borrower COMPANY TYPE: SCHOOLS AND EDUCATIONAL SERVICES SBA Loan Lender OCEAN BANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . 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. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8299 - Schools and Educational Services NAICS Code 611691 - Exam Preparation and Tutoring Loan Approval Date 11/12/2002 Loan Approval Gross Amount $18,500 Loan Approval from the SBA Of the total $18,500 loan amount, the SBA guaranteed $15,725. More Information on This SBA Loan The borrower borrowed this money for a new 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 2 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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 Ocean Bank 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: Obtaining Funding - Getting Venture Capital Best Banks in Portsmouth, New Hampshire
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