Company Gets a Massachusetts Bank Loan

SBA loans in Massachusetts are hard to find these days. We take a look at one Massachusetts SBA loan, provided by a Pennsylvania bank, that was approved by the SBA.

This small business, based in Chelmsford (chelmsford Center), Massachusetts, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Sovereign Bank. We've got the inside scoop on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL FREIGHT TRUCKING, LOCAL
CHELMSFORD (CHELMSFORD CENTER), MA 01824

SBA Loan Lender

SOVEREIGN BANK
1130 BERKSHIRE BLVD
WYOMISSING, PA 19610

This lender processed this loan for a small business 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

484110 - General Freight Trucking, Local

Loan Approval Date

2/25/2002

Loan Approval Gross Amount

$64,500

Loan Approval from the SBA

Of the total $64,500 loan amount, the SBA guaranteed $32,250.

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 only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in Chelmsford (chelmsford Center) MA, you ought to talk with a local Chelmsford (chelmsford Center) SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Chelmsford (chelmsford Center) businesses.

We can help you find the best banks for small businesses in Chelmsford (chelmsford Center) or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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