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December 22, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Salem, Business Loans > Salem Five Cents Savings Bank Salem Business Loans > Eating Places Loan | ||||
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Raising Money in Groton, Massachusetts With SBA Loans
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Where to Get Capital for Limited-Service RestaurantsLooking for SBA loans for limited-service restaurants? The SBA may be the answer. This $100,000 limited-service restaurants loan was issued by a Massachusetts bank. This business knew how to go about getting a business bank loan. Based in Groton, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Salem Five Cents Savings Bank, based in Salem, Massachusetts. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender SALEM FIVE CENTS SAVINGS BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 2/26/2002 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Banking Deregulation's Effects on Entrepreneurship SBA 7A Banks in Salem, Massachusetts
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