Dorchester, Massachusetts Bank Gives SBA Loan to Used Car Dealers Company

Want to talk with a Dorchester, Massachusetts bank about a small business loan? Here's one Massachusetts business loan, issued by a Dorchester bank, that was approved by the SBA.

Applying for an SBA loan with Sovereign Bank worked out well for our friends at one local company in Cohasset, Massachusetts. They got an SBA loan for $50,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
COHASSET, MA 02025

SBA Loan Lender

SOVEREIGN BANK
2 MORRISEY BLVD
DORCHESTER, MA 02125

This SBA small business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

441120 - Used Car Dealers

Loan Approval Date

2/8/2007

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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 8 new jobs and retain 10 existing jobs.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Cohasset MA, you ought to talk with a local Cohasset SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cohasset businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Sovereign Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Sovereign Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Getting a Small Business Loan

Small Bank Loans in Dorchester, Massachusetts

Find an SBA Lender in Massachusetts