Firm Gets a Massachusetts Business Loan

Would a Massachusetts small business loan help your small business to grow and prosper? If so, you may want to talk with this Massachusetts bank, which offers SBA loans to Massachusetts entrepreneurs.

Getting a small business loan in Dudley, Massachusetts was a top priority for this small company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Hometown Bank A Co-Operative B. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
DUDLEY, MA 01571

SBA Loan Lender

HOMETOWN BANK A CO-OPERATIVE B
31 SUTTON AVE
OXFORD, MA 01540

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5511 - Motor Vehicle Dealers

NAICS Code

441110 - New Car Dealers

Loan Approval Date

10/5/2001

Loan Approval Gross Amount

$108,250

Loan Approval from the SBA

Of the total $108,250 loan amount, the SBA guaranteed $92,012.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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:

Business Credit Evaluation

Small Bank Loans in Oxford, Massachusetts

Massachusetts SBA 7A Banks