Temporary Help Services Bank Loans
With these bank loans for temporary help services, the SBA guarantees the lender that the loan will be repaid. This temporary help services loan for $17,500 was given to a Massachusetts entrepreneur in 2005.
This small firm knew how to go about getting a business bank loan. Based in Quincy, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Bank Of America, based in Providence, Rhode Island.
SBA Loan Borrower
COMPANY TYPE: TEMPORARY HELP SERVICES
QUINCY, MA 02169
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
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
561320 - Temporary Help Services
Loan Approval Date
3/23/2005
Loan Approval Gross Amount
$17,500
Loan Approval from the SBA
Of the total $17,500 loan amount, the SBA guaranteed $8,750.
More Information on This SBA Loan
The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had only one employee. This SBA loan request indicated that the loan would help retain 1 existing job.
Getting an SBA Loan For Your Business
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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:
Business Credit Evaluation
SBA Banks in Providence, Rhode Island
Browse All Business Loan Sources for Rhode Island