Bank - Western Massachusetts Gives Small Business Loan to Hotels And Motels Company
Small business loans in Massachusetts are hard to find these days. We take a look at one Massachusetts small business loan, provided by a Massachusetts bank, that was approved by the SBA.
This small business, based in Agawam, Massachusetts, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Bank - Western Massachusetts. We've got the inside scoop on this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: HOTELS AND MOTELS
AGAWAM, MA 01101
SBA Loan Lender
BANK - WESTERN MASSACHUSETTS
1391 MAIN ST, 3RD FL
SPRINGFIELD, MA 01103
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7011 - Hotels and Motels
NAICS Code
721110 - Hotels and Motels
Loan Approval Date
7/25/2000
Loan Approval Gross Amount
$475,000
Loan Approval from the SBA
Of the total $475,000 loan amount, the SBA guaranteed $356,250.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 indicated that the loan would help retain 8 existing jobs.
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.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Bank - Western Massachusetts and they will explain how you can get an SBA loan for your company.
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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SBA Lenders in Massachusetts