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November 21, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Henderson, Business Loans > Washington Mutual Bank Henderson Business Loans > Gasoline Service Stations Loan | ||||
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Washington Mutual Bank Small Business Loans Dorchester, Massachusetts
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Dorchester, Massachusetts Business Gets SBA-Guaranteed Funding from Washington Mutual BankWashington Mutual Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Massachusetts entrepreneur who tapped into the power of SBA loans. This small firm received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Washington Mutual Bank, out of Henderson, Nevada. The loan was granted and they received $670,000 to help grow their Dorchester, Massachusetts business. SBA Loan Borrower COMPANY TYPE: GASOLINE SERVICE STATIONS SBA Loan Lender WASHINGTON MUTUAL BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5541 - Gasoline Service Stations NAICS Code 447190 - Gasoline Stations Loan Approval Date 7/13/2000 Loan Approval Gross Amount $670,000 Loan Approval from the SBA Of the total $670,000 loan amount, the SBA guaranteed $502,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help retain 4 existing jobs. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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. Related Links: Best Henderson, Nevada Banks for Small Business
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