Loan to Buy Mac Tools Franchise Issued By Eastern Bank

Borrowing money to invest in a Mac Tools franchise? Eastern Bank has a history of making these loans and they are guaranteed by the SBA.

Mac Tools franchise loans are available to New Bedford, Massachusetts entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Eastern Bank, based in Boston, Massachusetts, issued an SBA franchise loan for a Mac Tools franchise in 2004. We've got all the details on this Massachusetts small business loan.

SBA Loan Borrower

MAACO AUTO PAINTING AND BODYWO
NEW BEDFORD, MA 02740

SBA Loan Lender

EASTERN BANK
265 FRANKLIN ST
BOSTON, MA 02110

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

2/27/2004

Loan Approval Gross Amount

$224,100

Loan Approval from the SBA

Of the total $224,100 loan amount, the SBA guaranteed $168,075.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mac Tools franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 7 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $224,100 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

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SBA Approved Banks in Boston, Massachusetts

Getting an SBA Loan in Massachusetts