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December 20, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Fall River, Business Loans > Bankfive Fall River Business Loans > Temporary Help Services Loan | ||||
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How to Get SBA Money in Fall River, Massachusetts
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Massachusetts SBA Loan Issued to Temporary Help Services CompanyMassachusettsSBA loans are available to Massachusetts entrepreneurs through the SBA. In this case, a Massachusetts bank provides the loan. This small business, based in Fall River, Massachusetts, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Bankfive. We've got the inside scoop on this Massachusetts small business loan. SBA Loan Borrower COMPANY TYPE: TEMPORARY HELP SERVICES SBA Loan Lender BANKFIVE The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 561320 - Temporary Help Services Loan Approval Date 4/11/2005 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $15,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had no employees. The SBA loan application for the borrower indicated that the loan would help generate 7 new jobs and retain 7 existing jobs. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: SBA 7A Banks in Fall River, Massachusetts
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