SBA Loan from Salem Five Cents Savings Bank Helps Scientific And Technical Consulting Services Company

An SBA loan from Salem Five Cents Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Framingham (town Of), Massachusetts business owner got a $20,000 loan.

This small firm knew how to go about getting a business bank loan. Based in Framingham (town Of), Massachusetts, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Salem Five Cents Savings Bank, based in Salem, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: SCIENTIFIC AND TECHNICAL CONSULTING SERVICES
FRAMINGHAM (TOWN OF), MA 01702

SBA Loan Lender

SALEM FIVE CENTS SAVINGS BANK
71 WASHINGTON ST
SALEM, MA 01970

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

541690 - Scientific and Technical Consulting Services

Loan Approval Date

5/4/2004

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. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 1 new job and retain 1 existing job.

Start the Process for Getting an SBA Loan Today!

If you need business start up money in Framingham (town Of) MA, you ought to talk with a local Framingham (town Of) SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Framingham (town Of) businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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