Business Loan from Eagle Bank Given to Eating Places Company

An SBA loan from Eagle Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Cambridge, Massachusetts business owner got a $625,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cambridge, Massachusetts was able to borrow $625,000 from Eagle Bank. The SBA made the loan possible by guaranteeing $468,750 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
CAMBRIDGE, MA 02139

SBA Loan Lender

EAGLE BANK
466 BROADWAY
EVERETT, MA 02149

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA bank loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

8/29/2002

Loan Approval Gross Amount

$625,000

Loan Approval from the SBA

Of the total $625,000 loan amount, the SBA guaranteed $468,750.

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 16 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Eagle Bank and they will explain how you can get an SBA loan for your company.

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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