Commercial Loans for Amusement Arcades

With these commercial loans for amusement arcades, the SBA guarantees the lender that the loan will be repaid. This amusement arcades loan for $175,000 was given to a Massachusetts entrepreneur in 2002.

This business knew how to go about getting a business bank loan. Based in Peabody, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Danversbank, based in Danvers, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: AMUSEMENT ARCADES
PEABODY, MA 01960

SBA Loan Lender

DANVERSBANK
1 CONANT ST
DANVERS, MA 01923

This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713120 - Amusement Arcades

Loan Approval Date

10/31/2002

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

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 only one employee. The loan application indicated that the loan would help generate 1 new job and retain 1 existing job.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Danversbank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Danversbank 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:

Small Business Credit Cards

Banks in Danvers, Massachusetts

Getting an SBA Loan in Massachusetts