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December 22, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > West Springfield, Business Loans > United Bank West Springfield Business Loans > Florists Loan | ||||
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United Bank SBA Loan Easthampton
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Business Loan from United Bank Given to Florists CompanyUnited 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. Getting a small business loan in Easthampton, Massachusetts was an essential business goal for this firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from United Bank, operating out of West Springfield, Massachusetts. Here are the details on this Massachusetts small business loan. SBA Loan Borrower COMPANY TYPE: FLORISTS SBA Loan Lender UNITED BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 453110 - Florists Loan Approval Date 1/21/2005 Loan Approval Gross Amount $20,000 Loan Approval from the SBA Of the total $20,000 loan amount, the SBA guaranteed $10,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the funding would help create 1 new job. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like United Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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 West Springfield, Massachusetts Banks for Small Business
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