SBA Loans – March 19

7A Program – All FY 2019 Approvals

Borrower: Planet Ten Multimedia, Wilmington
Lender: M&T Bank
Gross Approval: $30,000
SBA Guarantee: $15,000
1st Disbursement: Nov. 30, 2018
Type of Loan: SBA Express
Type of Business: Motion Picture and Video Production
Projected Jobs: 2

Borrower: Magnolia Services, Magnolia
Lender: M&T Bank
Gross Approval: $190,800
SBA Guarantee: $95,400
1st Disbursement: Nov. 30, 2018
Type of Loan: SBA Express
Type of Business: Mobile Food Services
Projected Jobs: 3

Borrower: Signature Property Management, Rehoboth Beach
Lender: M&T Bank
Gross Approval: $20,000
SBA Guarantee: $10,000
1st Disbursement: Nov. 30, 2018
Type of Loan: SBA Express
Type of Business: Real Estate
Projected Jobs: 2

Borrower: Mid-Atlantic Wellness Group, Rehoboth Beach
Lender: Wells Fargo Bank
Gross Approval: $490,400
SBA Guarantee: $367,800
1st Disbursement: Oct. 31, 2018
Type of Loan: Preferred Lender Program
Type of Business: Personal Care d/b/a
Urban Float
Projected Jobs: 9

504 Program

Borrower: Beaverdam Pat Food Inc., Greenwood
CDC: First State Community Loan Fund
3rd Party Lender: WSFS
Gross Approval: $251,000
3rd Party Lender Amount: $28,800
Disbursement Date: Jan. 16, 2019
Projected Jobs: 4

Borrower: Evan W. Smith Funeral Services, Wilmington
CDC: DE Community Development Corp.
3rd Party Lender: Fulton Bank
Gross Approval: $248,000
3rd Party Lender Amount: $300,000
Disbursement Date: Sept. 12, 2018
Projected Jobs: 2

Borrower: Leroy A. Tice, Esq.. Wilmington
CDC: First State Community Loan Fund
3rd Party Lender: Franklin Mint FCU
Gross Approval: $113,000
3rd Party Lender Amount: $135,000
Disbursement Date: June 13, 2018
Projected Jobs: 7

Borrower: Platinum Sellers Inc., Newark
CDC: DE Community Development Corp.
3rd Party Lender: Citizens Bank
Gross Approval: $1,188,000
3rd Party Lender Amount: $1,450,000
Disbursement Date: Jan. 17, 2018
Projected Jobs: 12


Source: Small Business Administration, Wilmington Office

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