Eastern Bank SBA Loan to Plumbing And Hydronic Heating Supplies Company

An SBA loan from Eastern Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Amesbury, Massachusetts business owner got a $150,000 loan.

Getting a small business loan in Amesbury, Massachusetts was an essential business goal for this firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Eastern Bank, operating out of Salem, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: PLUMBING AND HYDRONIC HEATING SUPPLIES
AMESBURY, MA 01913

SBA Loan Lender

EASTERN BANK
125 WASHINGTON ST
SALEM, MA 01970

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

5074 - Plumbing and Hydronic Heating Supplies

NAICS Code

444190 - Building Material Dealers

Loan Approval Date

10/6/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

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 7 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Eastern Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

504 Loans

SBA Banks in Salem, Massachusetts

Find an SBA Lender in Massachusetts