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November 14, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Springfield, Business Loans > Bank - Western Massachusetts Springfield Business Loans > Retail Bakeries Loan | ||||
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Bank - Western Massachusetts
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Northampton, Massachusetts Business Gets SBA-Guaranteed Funding from Bank - Western MassachusettsBank - Western Massachusetts is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Massachusetts entrepreneur who tapped into the power of SBA loans. This growing company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Bank - Western Massachusetts, out of Springfield, Massachusetts. The loan was granted and they received $35,000 to help grow their Northampton, Massachusetts business. SBA Loan Borrower COMPANY TYPE: RETAIL BAKERIES SBA Loan Lender BANK - WESTERN MASSACHUSETTS 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 311811 - Retail Bakeries Loan Approval Date 12/23/2003 Loan Approval Gross Amount $35,000 Loan Approval from the SBA Of the total $35,000 loan amount, the SBA guaranteed $17,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank - Western Massachusetts had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank - Western Massachusetts made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Best Banks for Small Business in Springfield, Massachusetts
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