Eastern Bank SBA Loan to Industrial Design Services Company

An SBA loan from Eastern Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Beverly, Massachusetts business owner got a $60,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Beverly, Massachusetts was able to borrow $60,000 from Eastern Bank. The SBA made the loan possible by guaranteeing $30,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL DESIGN SERVICES
BEVERLY, MA 01915

SBA Loan Lender

EASTERN BANK
265 FRANKLIN ST
BOSTON, MA 02110

The lender provided this 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

541420 - Industrial Design Services

Loan Approval Date

2/5/2004

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $30,000.

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 7 employees. The loan application indicated that the loan would help generate 1 new job and retain 7 existing jobs.

Next Steps for Getting an SBA Loan

If you need business start up money in Beverly MA, you ought to talk with a local Beverly SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Beverly businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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