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May 20, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Towson, Business Loans > Manufacturers & Traders Trust Towson Business Loans > Book Stores Loan | ||||
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Maryland SBA Lenders
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Towson, Maryland Bank Gives SBA Loan to Book Stores CompanyThinking about meeting with a Towson, Maryland bank about an SBA loan? Here's one Maryland business loan, issued by a Towson bank, that was approved by the SBA. Applying for an SBA loan with Manufacturers & Traders Trust worked out well for our friends at one local company in Hunt Valley, Maryland. The business was able to get an SBA loan for $148,000. Sweet! SBA Loan Borrower COMPANY TYPE: BOOK STORES SBA Loan Lender MANUFACTURERS & TRADERS TRUST This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. 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. 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 451211 - Book Stores Loan Approval Date 4/8/2005 Loan Approval Gross Amount $148,000 Loan Approval from the SBA Of the total $148,000 loan amount, the SBA guaranteed $125,800. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 7 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new 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. While you may be able to borrow money from friends and family, 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. Related Links: Accountant's Role in Securing Financing SBA 7A Banks in Towson, Maryland
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