Chicopee, Massachusetts Bank Lends Money to Coin-Operated Laundries And Drycleaning Company in Holyoke, Massachusetts

Thinking about meeting with a Chicopee, Massachusetts bank about an SBA loan? Here's one Massachusetts business loan, issued by a Chicopee bank, that was approved by the SBA.

Applying for an SBA loan with Chicopee Savings Bank worked out well for our friends at one local company in Holyoke, Massachusetts. They got an SBA loan for $147,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
HOLYOKE, MA 01040

SBA Loan Lender

CHICOPEE SAVINGS BANK
70 CENTER ST
CHICOPEE, MA 01013

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

7215 - Coin-Operated Laundries and Drycleaning

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

12/13/2002

Loan Approval Gross Amount

$147,000

Loan Approval from the SBA

Of the total $147,000 loan amount, the SBA guaranteed $124,950.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Chicopee Savings Bank and they will explain how you can get an SBA loan for your company.

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

Where to Get an SBA Loan in Chicopee, Massachusetts

Massachusetts SBA Banks