South Royalton, Vermont Business Gets SBA-Guaranteed Funding from Randolph National Bank

Randolph National Bank has a track record as a leading provider of SBA loans. Find out how this Vermont entrepreneur received an SBA loan from them.

This growing company knew how to go about getting a business bank loan. Based in South Royalton, Vermont, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Randolph National Bank, based in Randolph, Vermont.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
SOUTH ROYALTON, VT 05068

SBA Loan Lender

RANDOLPH NATIONAL BANK
21-23 MAIN ST
RANDOLPH, VT 05060

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Retail Stores

NAICS Code

453910 - Pet and Pet Supplies Stores

Loan Approval Date

4/5/2001

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are raising money in South Royalton VT, you ought to talk with a local South Royalton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to South Royalton businesses.

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:

Obtaining Funding - Friends and Family

SBA 7A Banks in Randolph, Vermont

SBA Lenders in Vermont