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

Get to know Westfield, Massachusetts banks that specialize in SBA loans and know how to work with entrepreneurs. Westfield Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Enfield, Connecticut starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Westfield Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
ENFIELD, CT 06082

SBA Loan Lender

WESTFIELD BANK
141 ELM ST
WESTFIELD, MA 01085

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/18/2002

Loan Approval Gross Amount

$57,400

Loan Approval from the SBA

Of the total $57,400 loan amount, the SBA guaranteed $48,790.

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 11 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $57,400 loan. Remember, feel the fear, and do it anyway.

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.

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