Getting an SBA Loan for Luggage Manufacturing

Looking for commercial loans for luggage manufacturing? Talk to a banker who works with the SBA. This $150,000 luggage manufacturing loan was issued by a Massachusetts bank.

This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Enterprise Bank & Trust, out of Westford, Massachusetts. The loan was granted and they received $150,000 to help grow their Groton, Massachusetts business.

SBA Loan Borrower

COMPANY TYPE: LUGGAGE
GROTON, MA 01450

SBA Loan Lender

ENTERPRISE BANK & TRUST
237 LITTLETON RD
WESTFORD, MA 01886

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

3161 - Luggage

NAICS Code

316991 - Luggage Manufacturing

Loan Approval Date

3/21/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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. This SBA loan request did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Enterprise Bank & Trust and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Bank Credit Lines

Best Banks for Small Business in Westford, Massachusetts

Massachusetts SBA Bank Lenders