Peabody, Massachusetts Business Gets SBA-Guaranteed Funding from North Shore Bank A Cooperative

An SBA loan from North Shore Bank A Cooperative typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Peabody, Massachusetts business owner got a $70,000 loan.

Getting a small business loan in Peabody, Massachusetts was an essential business goal for this company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from North Shore Bank A Cooperative, operating out of Peabody, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: HOME HEALTH CARE SERVICES
PEABODY, MA 01960

SBA Loan Lender

NORTH SHORE BANK A COOPERATIVE
32 MAIN ST
PEABODY, MA 01960

This commercial loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

621610 - Home Health Care Services

Loan Approval Date

5/13/2004

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $35,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 24 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 21 existing jobs.

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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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