Local Business Gets a Massachusetts Small Business Loan

Business loans in Massachusetts are are few and far betweeen these days. We take a look at one Massachusetts business loan, provided by a Rhode Island bank, that was approved by the SBA.

Getting a small business loan in Medford, Massachusetts was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: ABRASIVE PRODUCT MANUFACTURING
MEDFORD, MA 02155

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

327910 - Abrasive Product Manufacturing

Loan Approval Date

2/26/2002

Loan Approval Gross Amount

$90,600

Loan Approval from the SBA

Of the total $90,600 loan amount, the SBA guaranteed $45,300.

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 20 employees. The SBA loan documents indicated that the loan would help retain 20 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

We can help you find the best banks for small businesses in Medford or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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