Newburyport Five Cents Savings SBA Loan to Motor Vehicles And Passenger Car Bodies Company

Searching for a Massachusetts SBA loan? Here's one Massachusetts business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Newburyport, Massachusetts was able to borrow $100,000 from Newburyport Five Cents Savings. The SBA made the loan possible by guaranteeing $80,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLES AND PASSENGER CAR BODIES
NEWBURYPORT, MA 01950

SBA Loan Lender

NEWBURYPORT FIVE CENTS SAVINGS
63 STATE ST
NEWBURYPORT, MA 01950

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3711 - Motor Vehicles and Passenger Car Bodies

Loan Approval Date

6/27/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 7 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Newburyport Five Cents Savings and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Small Business Credit Cards

SBA Approved Banks in Newburyport, Massachusetts

Massachusetts SBA 7A Banks