Getting an SBA Loan for Caterers

With these commercial loans for caterers, the SBA guarantees the lender that the loan will be repaid. This caterers loan for $503,000 was given to a Massachusetts entrepreneur in 2001.

This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Wachovia Sba Lending, Inc., out of Roseville, California. The loan was granted and they received $503,000 to help grow their Fitchburg, Massachusetts business.

SBA Loan Borrower

COMPANY TYPE: CATERERS
FITCHBURG, MA 01420

SBA Loan Lender

WACHOVIA SBA LENDING, INC.
1620 E. ROSEVILLE PKWY, STE 1
ROSEVILLE, CA 95661

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722320 - Caterers

Loan Approval Date

6/15/2001

Loan Approval Gross Amount

$503,000

Loan Approval from the SBA

Of the total $503,000 loan amount, the SBA guaranteed $377,250.

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 67 employees. The SBA loan documents indicated that the loan would help retain 67 existing jobs.

Getting an SBA Loan For Your Business

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.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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

SBA Participating Banks in Roseville, California

California SBA 7A Lenders