Norwood, Massachusetts Entrepreneur Gets a Business Loan
MassachusettsSBA loans are available to Massachusetts entrepreneurs through the SBA. In this case, a Massachusetts bank provides the loan.
You can learn something about getting a small business loan in Norwood, Massachusetts by studying this loan to a local business, made back in 2000. Banks like Dedham Institution For Savings may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
NORWOOD, MA 02062
SBA Loan Lender
DEDHAM INSTITUTION FOR SAVINGS
55 ELM ST
DEDHAM, MA 02026
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
Loan Approval Date
3/29/2000
Loan Approval Gross Amount
$730,000
Loan Approval from the SBA
Of the total $730,000 loan amount, the SBA guaranteed $547,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 75 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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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