Local Business Gets a Massachusetts Business Loan
MassachusettsBusiness loans are available to Massachusetts business owners through the SBA. In this case, a Massachusetts bank provides the loan.
You can learn something about getting a small business loan in Devereux, Massachusetts by studying this loan to a local business, made back in 2002. Banks like Danversbank may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: MACHINE SHOPS
DEVEREUX, MA 01923
SBA Loan Lender
DANVERSBANK
1 CONANT ST
DANVERS, MA 01923
This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
332710 - Machine Shops
Loan Approval Date
6/21/2002
Loan Approval Gross Amount
$540,000
Loan Approval from the SBA
Of the total $540,000 loan amount, the SBA guaranteed $405,000.
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 15 employees. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 15 existing jobs.
Next Steps for Getting an SBA Loan
Although it's called an SBA loan, 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.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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
Best Banks in Danvers, Massachusetts
Massachusetts SBA Bank Lenders