SBA Loan from 1st National Bank - Ipswich Helps Eating Places Company

An SBA loan from 1st National Bank - Ipswich typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Hanover, Massachusetts business owner got a $100,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Hanover, Massachusetts, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was 1st National Bank - Ipswich, based in Boston, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
HANOVER, MA 02339

SBA Loan Lender

1ST NATIONAL BANK - IPSWICH
33 STATE ST
BOSTON, MA 02109

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.

SIC Code

5812 - Eating Places

Loan Approval Date

9/5/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

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 30 employees. The loan application did not indicate that the company planned 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 provide money to small business owners for working capital for other expenses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st National Bank - Ipswich had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st National Bank - Ipswich 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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