Bank Loans for Industrial Machinery and Equipment Wholesalers

With these bank loans for industrial machinery and equipment wholesalers, the SBA guarantees the lender that the loan will be repaid. This industrial machinery and equipment wholesalers loan for $500,000 was given to a Connecticut entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in South Windsor, Connecticut was able to borrow $500,000 from Td Banknorth. The SBA made the loan possible by guaranteeing $375,000 of this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL SUPPLIES
SOUTH WINDSOR, CT 06074

SBA Loan Lender

TD BANKNORTH
2461 MAIN ST
GLASTONBURY, CT 06033

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5085 - Industrial Supplies

NAICS Code

421830 - Industrial Machinery and Equipment Wholesalers

Loan Approval Date

2/27/2003

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 9 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

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

If you are wondering how to raise money for a company in South Windsor CT, you ought to talk with a local South Windsor SBA lender or talk with an out-of-area SBA lender that has previously loaned money to South Windsor 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:

504 Loans

Where to Get an SBA Loan in Glastonbury, Connecticut

Connecticut SBA 7A Banks