Loan Census Banking News and Information
May 22, 2024  
 
 
  Business Loan Information  
 

Small Business Banks in Connecticut

 

 
Loan Census SBA Loan Info

Book Stores Commercial Loans

With these commercial loans for book stores, the SBA guarantees the lender that the loan will be repaid. This book stores loan for $195,250 was given to a Connecticut entrepreneur in 2000.

This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Chelsea Groton Savings Bank, out of Groton, Connecticut. The loan was granted and they received $195,250 to help grow their Mystic, Connecticut business.

SBA Loan Borrower

COMPANY TYPE: BOOK STORES
MYSTIC, CT 06355

SBA Loan Lender

CHELSEA GROTON SAVINGS BANK
904 POQUONNOCK RD
GROTON, CT 06340

This lender issued this small business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started 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

5942 - Book Stores

NAICS Code

451211 - Book Stores

Loan Approval Date

6/26/2000

Loan Approval Gross Amount

$195,250

Loan Approval from the SBA

Of the total $195,250 loan amount, the SBA guaranteed $146,438.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to add 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.

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 Chelsea Groton Savings Bank 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:

Realistic Debt Financing Options

Where to Get an SBA Loan in Groton, Connecticut

SBA Participating Banks in Connecticut