Rbs Citizens SBA Loan to Electromedical And Electrotherapeutic Apparatus Company

An SBA loan from Rbs Citizens typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Cambridge, Massachusetts business owner got a $250,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Rbs Citizens, out of Somerville, Massachusetts. The loan was granted and they received $250,000 to help grow their Cambridge, Massachusetts business.

SBA Loan Borrower

COMPANY TYPE: ELECTROMEDICAL AND ELECTROTHERAPEUTIC APPARATUS
CAMBRIDGE, MA 02141

SBA Loan Lender

RBS CITIZENS
212 ELM ST
SOMERVILLE, MA 02144

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3845 - Electromedical and Electrotherapeutic Apparatus

Loan Approval Date

1/14/2000

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $225,000.

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 27 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds 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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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SBA 7A Banks in Somerville, Massachusetts

SBA Participating Banks in Massachusetts