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November 15, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Wyomissing, Business Loans > Sovereign Bank Wyomissing Business Loans > Fresh And Frozen Seafood Processing Loan | ||||
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How Hard Is It to Get a Small Business Loan in New Bedford, Massachusetts?
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Financing for Fresh and Frozen Seafood ProcessingLooking for commercial loans for fresh and frozen seafood processing? Talk to a banker who works with the SBA. This $40,000 fresh and frozen seafood processing loan was issued by a Pennsylvania bank. This small business knew how to go about getting a business bank loan. Based in New Bedford, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Sovereign Bank, based in Wyomissing, Pennsylvania. SBA Loan Borrower COMPANY TYPE: FRESH AND FROZEN SEAFOOD PROCESSING SBA Loan Lender SOVEREIGN BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 311712 - Fresh and Frozen Seafood Processing Loan Approval Date 1/31/2002 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $20,000. 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 3 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 3 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: SBA 7A Banks in Wyomissing, Pennsylvania
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