Raising Money for Payroll Services

With these bank loans for payroll services, the SBA guarantees the lender that the loan will be repaid. This payroll services loan for $300,000 was given to a Massachusetts entrepreneur in 2007.

Getting a small business loan in Northbridge (census Name North, Massachusetts was important for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Commonwealth National Bank, operating out of Worcester, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: PAYROLL SERVICES
NORTHBRIDGE (CENSUS NAME NORTH, MA 01534

SBA Loan Lender

COMMONWEALTH NATIONAL BANK
33 WALDO ST
WORCESTER, MA 01608

The lender provided this SBA business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

541214 - Payroll Services

Loan Approval Date

1/25/2007

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $150,000.

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 2 employees. The SBA loan documents indicated that the borrowed money would help generate 2 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great source of funding.

We can help you find the best banks for small businesses in Northbridge (census Name North or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Accountant's Role in Securing Financing

Small Bank Loans in Worcester, Massachusetts

Massachusetts SBA Bank Lenders