Lawrence, Massachusetts Business Gets SBA-Guaranteed Funding from Riverbank

An SBA loan from Riverbank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Lawrence, Massachusetts business owner got a $150,000 loan.

This business knew how to go about getting a business bank loan. Based in Lawrence, Massachusetts, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Riverbank, based in North Andover, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
LAWRENCE, MA 01840

SBA Loan Lender

RIVERBANK
30 MASSACHUSETTS AVE
NORTH ANDOVER, MA 01845

This lender issued this particular debt financing under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

332710 - Machine Shops

Loan Approval Date

9/19/2001

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. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are raising money in Lawrence MA, you ought to talk with a local Lawrence SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lawrence businesses.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Riverbank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Business Incubators

Banks in North Andover, Massachusetts

Massachusetts SBA Banks