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November 15, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Weymouth, Business Loans > South Shore Co-Operative Bank Weymouth Business Loans > Family Clothing Stores Loan | ||||
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South Shore Co-Operative Bank SBA 7A Loans
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Family Clothing Stores Business LoansWith these business loans for family clothing stores, the SBA guarantees the lender that the loan will be repaid. This family clothing stores loan for $700,000 was given to a Massachusetts entrepreneur in 2000. This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with South Shore Co-Operative Bank, out of Weymouth, Massachusetts. The loan was granted and they received $700,000 to help grow their Framingham, Massachusetts business. SBA Loan Borrower COMPANY TYPE: FAMILY CLOTHING STORES SBA Loan Lender SOUTH SHORE CO-OPERATIVE BANK This lender issued this debt financing under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5651 - Family Clothing Stores NAICS Code 448140 - Family Clothing Stores Loan Approval Date 12/6/2000 Loan Approval Gross Amount $700,000 Loan Approval from the SBA Of the total $700,000 loan amount, the SBA guaranteed $525,000. More Information on This SBA Loan The borrower borrowed this money for an existing 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 2 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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. Related Links: The Friends and Family Network Who Lends Money to Small Businesses in Weymouth, Massachusetts Massachusetts SBA Bank Lenders
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