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May 17, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Westminster, Business Loans > New Windsor State Bank Westminster Business Loans > Professional, Scientific, And Technical Services Loan | ||||
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Westminster, Maryland SBA Lenders
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Entrepreneur Works With Westminster, Maryland Bank to Get an SBA LoanFind Westminster, Maryland banks that specialize in SBA loans and know how to work with entrepreneurs. New Windsor State Bank is one such bank, as evidenced by this SBA loan to one business. Finding a small business loan in Westminster, Maryland starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from New Windsor State Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES SBA Loan Lender NEW WINDSOR STATE BANK This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541990 - Professional, Scientific, and Technical Services Loan Approval Date 6/30/2005 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $34,000. 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 8 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan If you want money for new small business in Westminster MD, you ought to talk with a local Westminster SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Westminster 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: SBA 7A Lenders in Westminster, Maryland
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