Danversbank Gives Bank Loan to Full-Service Restaurants Company

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

By giving the right information to Danversbank, this Newburyport, Massachusetts business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
NEWBURYPORT, MA 01950

SBA Loan Lender

DANVERSBANK
1 CONANT ST
DANVERS, MA 01923

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/20/2001

Loan Approval Gross Amount

$231,000

Loan Approval from the SBA

Of the total $231,000 loan amount, the SBA guaranteed $173,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 14 employees. The loan application indicated that the borrowed money would help generate 14 new jobs.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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