Washington, District of Columbia Business Gets SBA-Guaranteed Funding from Sandy Spring Bank

Sandy Spring Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a District of Columbia entrepreneur was able to get a loan to take a small business to the next level.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Washington, District of Columbia was able to borrow $1,200,000 from Sandy Spring Bank. The SBA made the loan possible by guaranteeing $900,000 of this District of Columbia small business loan.

SBA Loan Borrower

COMPANY TYPE: COMPUTER PROGRAMMING SERVICES
WASHINGTON, DC 20036

SBA Loan Lender

SANDY SPRING BANK
17801 GEORGIA AVE
OLNEY, MD 20832

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7371 - Computer Programming Services

NAICS Code

541511 - Custom Computer Programming Services

Loan Approval Date

7/18/2005

Loan Approval Gross Amount

$1,200,000

Loan Approval from the SBA

Of the total $1,200,000 loan amount, the SBA guaranteed $900,000.

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 15 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, 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.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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

Where to Get an SBA Loan in Olney, Maryland

SBA Participating Banks in Maryland