Local Business Gets a Massachusetts Small Business Loan

Would a Massachusetts business loan help your company expand? If so, you may want to talk with this Massachusetts bank, which offers SBA loans to Massachusetts entrepreneurs.

This small business, based in Framingham (town Of), 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 Mansfield Co-Operative Bank. We've got the inside scoop on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: GASKET, PACKING, AND SEALING DEVICE MANUFACTURING
FRAMINGHAM (TOWN OF), MA 01701

SBA Loan Lender

MANSFIELD CO-OPERATIVE BANK
80 N MAIN ST
MANSFIELD, MA 02048

This SBA small business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

339991 - Gasket, Packing, and Sealing Device Manufacturing

Loan Approval Date

9/10/2004

Loan Approval Gross Amount

$550,000

Loan Approval from the SBA

Of the total $550,000 loan amount, the SBA guaranteed $275,000.

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 26 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 26 existing jobs.

Next Steps for Getting an SBA Loan

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Mansfield Co-Operative Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Getting a Small Business Loan

Small Bank Loans in Mansfield, Massachusetts

SBA Participating Banks in Massachusetts