Entrepreneur Works With Taunton, Massachusetts Bank to Get an SBA Loan

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

Applying for an SBA loan with Bristol County Savings Bank worked out well for our friends at one local firm in E. Providence, Rhode Island. They got an SBA loan for $549,500. Nice!

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
E. PROVIDENCE, RI 02914

SBA Loan Lender

BRISTOL COUNTY SAVINGS BANK
35 BROADWAY
TAUNTON, MA 02780

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

10/27/2006

Loan Approval Gross Amount

$549,500

Loan Approval from the SBA

Of the total $549,500 loan amount, the SBA guaranteed $412,125.

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 10 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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:

Obtaining Funding - How to Borrow Money

Who Lends Money to Small Businesses in Taunton, Massachusetts

Find an SBA Lender in Massachusetts