Cape Ann Savings Bank SBA Loan to Shellfish Fishing Company

An SBA loan from Cape Ann Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Gloucester, Massachusetts business owner got a $45,000 loan.

This small firm knew how to go about getting a business bank loan. Based in Gloucester, Massachusetts, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Cape Ann Savings Bank, based in Gloucester, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: SHELLFISH FISHING
GLOUCESTER, MA 01930

SBA Loan Lender

CAPE ANN SAVINGS BANK
109 MAIN ST
GLOUCESTER, MA 01930

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

114112 - Shellfish Fishing

Loan Approval Date

12/29/2004

Loan Approval Gross Amount

$45,000

Loan Approval from the SBA

Of the total $45,000 loan amount, the SBA guaranteed $38,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cape Ann Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cape Ann Savings Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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 Line of Credit

Small Bank Loans in Gloucester, Massachusetts

Where to Get an SBA Loan Massachusetts