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May 22, 2024  
 
 
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Winsted Business Loan from 1st National Bank - Litchfield

 

 
Loan Census SBA Loan Info

SBA Loan from 1st National Bank - Litchfield Helps Glass Products, Made Of Purchased Glass Company

1st National Bank - Litchfield and the SBA work together to get business loans for growing small businesses. Here's an example of how a Connecticut entrepreneur was able to get a loan to take a small business to the next level.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with 1st National Bank - Litchfield, out of Torrington, Connecticut. The loan was granted and they received $140,000 to help grow their Winsted, Connecticut business.

SBA Loan Borrower

COMPANY TYPE: GLASS PRODUCTS, MADE OF PURCHASED GLASS
WINSTED, CT 06098

SBA Loan Lender

1ST NATIONAL BANK - LITCHFIELD
990 TORRINGFORD ST
TORRINGTON, CT 06790

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3231 - Glass Products, Made of Purchased Glass

NAICS Code

327213 - Glass Container Manufacturing

Loan Approval Date

7/7/2003

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

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 6 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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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