Enterprise Bank & Trust SBA Loan to Musical Instrument Stores Company

Enterprise Bank & Trust and the SBA work together to get business loans for growing small businesses. Here's an example of how a Massachusetts entrepreneur was able to get a loan to take a small business to the next level.

This business knew how to go about getting a business bank loan. Based in Lowell, Massachusetts, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Enterprise Bank & Trust, based in Chelmsford, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: MUSICAL INSTRUMENT STORES
LOWELL, MA 01851

SBA Loan Lender

ENTERPRISE BANK & TRUST
185 LITTLETON RD
CHELMSFORD, MA 01824

This lender issued this SBA loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5736 - Musical Instrument Stores

NAICS Code

451140 - Musical Instrument and Supplies Stores

Loan Approval Date

9/5/2000

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

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 22 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Lowell MA, you ought to talk with a local Lowell SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lowell businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Enterprise Bank & Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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