Bank Of America SBA Loan to Business Services Company

Want a Maryland business loan? Here's one Maryland business loan that was approved by the SBA.

This small business needed an SBA business loan in Landover, Maryland back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Bank Of America, operating out of Portland, Oregon. Here are the details on this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: BUSINESS SERVICES
LANDOVER, MD 20785

SBA Loan Lender

BANK OF AMERICA
121 SW MORRISON ST
PORTLAND, OR 97204

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7389 - Business Services

Loan Approval Date

7/13/2000

Loan Approval Gross Amount

$334,500

Loan Approval from the SBA

Of the total $334,500 loan amount, the SBA guaranteed $250,875.

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 2 employees. This SBA loan request did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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.

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