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April 19, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Bridgeport, Business Loans > People's United Bank Bridgeport Business Loans > Sporting Goods Stores And Bicycle Shops Loan | ||||
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How to Get SBA Loans in Lebanon, Connecticut
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Where to Get Capital for Sporting Goods StoresLooking for SBA loans for sporting goods stores? Talk to a banker who works with the SBA. This $100,000 sporting goods stores loan was issued by a Connecticut bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lebanon, Connecticut was able to borrow $100,000 from People's United Bank. The SBA made the loan possible by guaranteeing $75,000 of this Connecticut small business loan. SBA Loan Borrower COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS SBA Loan Lender PEOPLE'S UNITED BANK At the time this loan was granted, this bank was part of the SBA's Certified Lenders Program (CLP). This program is designed to provide speedy service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5941 - Sporting Goods Stores and Bicycle Shops NAICS Code 451110 - Sporting Goods Stores Loan Approval Date 4/1/2002 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $75,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: Banking Deregulation's Effects on Entrepreneurship SBA Approved Banks in Bridgeport, Connecticut
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