Financing for Data Processing Services

With these commercial loans for data processing services, the SBA guarantees the lender that the loan will be repaid. This data processing services loan for $115,000 was given to a Massachusetts entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Haverhill, Massachusetts was able to borrow $115,000 from Pentucket Bank. The SBA made the loan possible by guaranteeing $86,250 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: COMPUTER PROCESSING AND DATA PREPARATION
HAVERHILL, MA 01832

SBA Loan Lender

PENTUCKET BANK
1 MERRIMACK ST
HAVERHILL, MA 01830

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7374 - Computer Processing and Data Preparation

NAICS Code

514210 - Data Processing Services

Loan Approval Date

5/31/2000

Loan Approval Gross Amount

$115,000

Loan Approval from the SBA

Of the total $115,000 loan amount, the SBA guaranteed $86,250.

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 12 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide smart, affordable business financing for small businesses looking to expand.

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

Related Links:

Direct Public Offerings

SBA Approved Banks in Haverhill, Massachusetts

SBA Massachusetts Lenders