Salem Five Cents Savings Bank Provides SBA Loan to Buy Woodcraft Franchise Corporation Franchise

Need money to purchase a Woodcraft Franchise Corporation franchise? Salem Five Cents Savings Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Byfield, Massachusetts needed money to invest in a Woodcraft Franchise Corporation franchise back in 2001. Salem Five Cents Savings Bank issued an SBA franchise loan. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

J J & G ASSOCIATES INC
BYFIELD, MA 01922

SBA Loan Lender

SALEM FIVE CENTS SAVINGS BANK
210 ESSEX ST
SALEM, MA 01970

This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2499 - Wood Products

NAICS Code

321999 - Wood Product Manufacturing

Loan Approval Date

9/28/2001

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Woodcraft Franchise Corporation franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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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