Firm Gets a Massachusetts Business Loan

Would a Massachusetts small business loan help your small business to grow and prosper? If so, you may want to talk with this Rhode Island bank, which offers SBA loans to Massachusetts entrepreneurs.

Getting a small business loan in Medford, Massachusetts was a top priority for this small company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Home Loan Invest Bank F.S.B.. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: GASOLINE SERVICE STATIONS
MEDFORD, MA 02155

SBA Loan Lender

HOME LOAN INVEST BANK F.S.B.
1 HOME LOAN PLAZA, STE 3
WARWICK, RI 02886

This lender issued this 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

5541 - Gasoline Service Stations

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

11/20/2000

Loan Approval Gross Amount

$650,000

Loan Approval from the SBA

Of the total $650,000 loan amount, the SBA guaranteed $487,500.

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 3 employees. The loan application did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

This SBA loan was for $650,000. How would you spend $650,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Financing Your Business

Small Bank Loans in Warwick, Rhode Island

SBA Lenders in Rhode Island