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November 15, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Bus And Motor Vehicle Transit Systems Loan | ||||
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Raising Money in Revere, Massachusetts With SBA Loans
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Raising Money for Bus and Motor Vehicle Transit SystemsWith these business loans for bus and motor vehicle transit systems, the SBA guarantees the lender that the loan will be repaid. This bus and motor vehicle transit systems loan for $100,000 was given to a Massachusetts entrepreneur in 2001. This business knew how to go about getting a business bank loan. Based in Revere, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Bank Of America, based in Providence, Rhode Island. SBA Loan Borrower COMPANY TYPE: BUS AND MOTOR VEHICLE TRANSIT SYSTEMS SBA Loan Lender BANK OF AMERICA The lender provided this commercial 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 485113 - Bus and Motor Vehicle Transit Systems Loan Approval Date 4/2/2001 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. 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 30 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 35 existing jobs. Getting an SBA Loan For Your Business The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Bank Of America are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Role of Business Plan When Raising Money Who Lends Money to Small Businesses in Providence, Rhode Island SBA Participating Banks in Rhode Island
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