Entrepreneur Works With Greenfield, Massachusetts Bank to Get an SBA Loan

Want to talk with a Greenfield, Massachusetts bank about an SBA loan? Here's one Massachusetts business loan, issued by a Greenfield bank, that was approved by the SBA.

Applying for an SBA loan with Greenfield Co-Operative Bank worked out well for our friends at one local business in Greenfield, Massachusetts. They received an SBA loan for $25,000. Nice!

SBA Loan Borrower

COMPANY TYPE: HOMES FOR THE ELDERLY
GREENFIELD, MA 01301

SBA Loan Lender

GREENFIELD CO-OPERATIVE BANK
63 FEDERAL ST
GREENFIELD, MA 01301

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

623312 - Homes for the Elderly

Loan Approval Date

5/13/2005

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $21,250.

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 only one employee. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Greenfield Co-Operative Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Greenfield Co-Operative 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.

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