Greenfield, Massachusetts Entrepreneur Gets a Bank Loan
MassachusettsBusiness loans are available to Massachusetts business owners through the SBA. In this case, a Massachusetts bank provides the loan.
By giving the right information to Greenfield Co-Operative Bank, this Greenfield, Massachusetts business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: MEMBERSHIP SPORTS AND RECREATION CLUBS
GREENFIELD, MA 01301
SBA Loan Lender
GREENFIELD CO-OPERATIVE BANK
63 FEDERAL ST
GREENFIELD, MA 01301
This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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
7997 - Membership Sports and Recreation Clubs
NAICS Code
713940 - Fitness and Recreational Sports Centers
Loan Approval Date
5/10/2002
Loan Approval Gross Amount
$216,000
Loan Approval from the SBA
Of the total $216,000 loan amount, the SBA guaranteed $162,000.
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 6 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Greenfield Co-Operative Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
Dealing With Venture Capitalists
SBA 7A Banks in Greenfield, Massachusetts
Massachusetts SBA Banks