Entrepreneur Works With Danvers, Massachusetts Bank to Get an SBA Loan

Get to know Danvers, Massachusetts banks that specialize in business loans and know how to work with entrepreneurs. Danversbank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Boston, Massachusetts starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Danversbank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: COMPUTER AND COMPUTER SOFTWARE STORES
BOSTON, MA 02210

SBA Loan Lender

DANVERSBANK
1 CONANT ST
DANVERS, MA 01923

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5734 - Computer and Computer Software Stores

NAICS Code

443120 - Computer and Software Stores

Loan Approval Date

5/15/2000

Loan Approval Gross Amount

$650,000

Loan Approval from the SBA

Of the total $650,000 loan amount, the SBA guaranteed $487,500.

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 10 employees. The SBA loan documents indicated that the loan would help retain 10 existing jobs.

Getting an SBA Loan For Your Business

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.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $650,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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