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May 18, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Salisbury, Business Loans > Branch Bank & Trust Salisbury Business Loans > Service Establishment Equipment And Supplies Loan | ||||
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Branch Bank & Trust
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Branch Bank & Trust SBA Loan to Service Establishment Equipment And Supplies CompanyBranch Bank & Trust 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 Maryland entrepreneur who tapped into the power of SBA loans. This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Branch Bank & Trust, out of Salisbury, Maryland. The loan was granted and they received $100,000 to help grow their Crisfield, Maryland business. SBA Loan Borrower COMPANY TYPE: SERVICE ESTABLISHMENT EQUIPMENT AND SUPPLIES SBA Loan Lender BRANCH BANK & TRUST This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5087 - Service Establishment Equipment and Supplies NAICS Code 421850 - Service Establishment Equipment and Supplies Wholesalers Loan Approval Date 3/6/2001 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 11 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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 Branch 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: Where to Get an SBA Loan in Salisbury, Maryland
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