Milford, Massachusetts Business Gets SBA-Guaranteed Funding from Milford National Bank & Trust

An SBA loan from Milford National Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Milford, Massachusetts business owner got a $70,697 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Milford, Massachusetts was able to borrow $70,697 from Milford National Bank & Trust. The SBA made the loan possible by guaranteeing $60,092 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: PHYSICAL FITNESS FACILITIES
MILFORD, MA 01757

SBA Loan Lender

MILFORD NATIONAL BANK & TRUST
300 E MAIN ST
MILFORD, MA 01757

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7991 - Physical Fitness Facilities

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

3/29/2001

Loan Approval Gross Amount

$70,697

Loan Approval from the SBA

Of the total $70,697 loan amount, the SBA guaranteed $60,092.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:

How to Raise Money

Find an SBA Lender in Milford, Massachusetts

Massachusetts SBA 7A Banks