Business Loan from Sovereign Bank Given to Commercial Nonphysical Research Company

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

Getting a small business loan in Acton, Massachusetts was an essential business goal for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Sovereign Bank, operating out of Dorchester, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL NONPHYSICAL RESEARCH
ACTON, MA 01720

SBA Loan Lender

SOVEREIGN BANK
2 MORRISEY BLVD
DORCHESTER, MA 02125

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8732 - Commercial Nonphysical Research

NAICS Code

541910 - Marketing Research and Public Opinion Polling

Loan Approval Date

10/5/2001

Loan Approval Gross Amount

$514,000

Loan Approval from the SBA

Of the total $514,000 loan amount, the SBA guaranteed $385,500.

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 12 employees. The loan application did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Sovereign Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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