Somerville, Massachusetts Bank Lends Money to Full-Service Restaurants Company in Boston, Massachusetts

Get to know Somerville, Massachusetts banks that specialize in business loans and know how to work with entrepreneurs. Century Bank And Trust Company 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 local business received funding from Century Bank And Trust Company. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
BOSTON, MA 02113

SBA Loan Lender

CENTURY BANK AND TRUST COMPANY
102 FELLSWAY WEST
SOMERVILLE, MA 02145

This lender processed this commercial loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

722110 - Full-Service Restaurants

Loan Approval Date

6/1/2006

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

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. This SBA loan request indicated that the loan would help retain 8 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Microlending as a Small Business Funding Source

Small Business Banks in Somerville, Massachusetts

Massachusetts SBA Bank Lenders