SBA Loan from Beverly Co-Operative Bank Helps Trucking Company

Beverly Co-Operative Bank has a track record as a leading provider of SBA loans. Find out how this Massachusetts entrepreneur received an SBA loan from them.

This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Beverly Co-Operative Bank, out of Beverly, Massachusetts. The loan was granted and they received $72,400 to help grow their North Andover, Massachusetts business.

SBA Loan Borrower

COMPANY TYPE: TRUCKING
NORTH ANDOVER, MA 01845

SBA Loan Lender

BEVERLY CO-OPERATIVE BANK
254 CABOT ST
BEVERLY, MA 01915

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4213 - Trucking

NAICS Code

484121 - General Long-Distance Freight Trucking

Loan Approval Date

2/6/2002

Loan Approval Gross Amount

$72,400

Loan Approval from the SBA

Of the total $72,400 loan amount, the SBA guaranteed $61,540.

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 only one employee. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Beverly Co-Operative Bank and they will explain how you can get an SBA loan for your company.

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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