Baltimore, Maryland Lender Lends Money to Household Laundry Equipment Company

Thinking about meeting with a Baltimore, Maryland bank about a small business loan? Here's one Maryland business loan, issued by a Baltimore bank, that was approved by the SBA.

Applying for an SBA loan with The Harbor Bank Of Maryland worked out well for our friends at one local business in Randallstown, Maryland. They received an SBA loan for $200,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: HOUSEHOLD LAUNDRY EQUIPMENT
RANDALLSTOWN, MD 21133

SBA Loan Lender

THE HARBOR BANK OF MARYLAND
25 W FAYETTE ST
BALTIMORE, MD 21201

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3633 - Household Laundry Equipment

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

7/15/2005

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 7 employees. The SBA loan documents did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide money to small business owners for working capital for other expenses.

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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