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May 4, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Owings Mills, Business Loans > Regal Bank & Trust Owings Mills Business Loans > Investment Advice Loan | ||||
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Banks Doing SBA Loans in Maryland
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Entrepreneur Works With Owings Mills, Maryland Bank to Get an SBA LoanWant to talk with an Owings Mills, Maryland bank about a small business loan? Here's one Maryland business loan, issued by an Owings Mills bank, that was approved by the SBA. Applying for an SBA loan with Regal Bank & Trust worked out well for our friends at one local business in Elkridge, Maryland. They received an SBA loan for $225,600. Nice! SBA Loan Borrower COMPANY TYPE: INVESTMENT ADVICE SBA Loan Lender REGAL BANK & TRUST The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide 7A business loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 6282 - Investment Advice NAICS Code 523930 - Investment Advice Loan Approval Date 4/4/2003 Loan Approval Gross Amount $225,600 Loan Approval from the SBA Of the total $225,600 loan amount, the SBA guaranteed $169,200. 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 3 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Find an SBA Lender in Owings Mills, Maryland
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