Enterprise Bank & Trust SBA Loan to Electric Services Company

Enterprise Bank & Trust has a track record as a leading provider of SBA loans. Find out how this Massachusetts entrepreneur received an SBA loan from them.

This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Enterprise Bank & Trust, out of Lowell, Massachusetts. The loan was granted and they received $83,500 to help grow their Billerica, Massachusetts business.

SBA Loan Borrower

COMPANY TYPE: ELECTRIC SERVICES
BILLERICA, MA 01821

SBA Loan Lender

ENTERPRISE BANK & TRUST
222 MERRIMACK ST
LOWELL, MA 01852

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4911 - Electric Services

NAICS Code

221111 - Hydroelectric Power Generation

Loan Approval Date

2/7/2002

Loan Approval Gross Amount

$83,500

Loan Approval from the SBA

Of the total $83,500 loan amount, the SBA guaranteed $70,975.

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 6 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Enterprise Bank & Trust and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Bank Credit Lines

SBA 7A Banks for Lowell, Massachusetts Loans

Getting a Business Loan in Massachusetts