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December 20, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Beverly, Business Loans > Beverly Co-Operative Bank Beverly Business Loans > Full-Service Restaurants Loan | ||||
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Massachusetts SBA 7A Lenders
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Entrepreneur Works With Beverly, Massachusetts Bank to Get an SBA LoanA Beverly, Massachusetts business loan can be yours. Learn how a company got a $506,250 business loan from this Massachusetts bank. This loan to an entrepreneur is a good example of an SBA loan. Beverly Co-Operative Bank made the loan and the SBA guaranteed a portion of the loan. Many other Massachusetts entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender BEVERLY CO-OPERATIVE BANK This lender issued this SBA loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 3/17/2006 Loan Approval Gross Amount $506,250 Loan Approval from the SBA Of the total $506,250 loan amount, the SBA guaranteed $379,688. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 20 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees 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. We've showcased information on this loan to let you know that businesses like yours can get an SBA loan. 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: Small Business Banks in Beverly, Massachusetts Browse All Business Loan Sources for Massachusetts
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