Getting an SBA Loan for Excavation Contractors

With these SBA loans for excavation contractors, the SBA guarantees the lender that the loan will be repaid. This excavation contractors loan for $20,000 was given to a Massachusetts entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Westhampton, Massachusetts was able to borrow $20,000 from Florence Savings Bank. The SBA made the loan possible by guaranteeing $10,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: EXCAVATION CONTRACTORS
WESTHAMPTON, MA 01027

SBA Loan Lender

FLORENCE SAVINGS BANK
85 MAIN ST
FLORENCE, MA 01062

The lender provided this small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

235930 - Excavation Contractors

Loan Approval Date

5/15/2006

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $10,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Florence Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Florence Savings Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Alternative Financing

Banks in Florence, Massachusetts

Massachusetts SBA 7A Lenders