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December 22, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Boston, Business Loans > Eastern Bank Boston Business Loans > Structural Steel Erection Loan | ||||
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SBA Lenders for Rowley Small Businesses
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Structural Steel Erection Contractors Bank LoansLooking for bank loans for structural steel erection contractors? The SBA may be the answer. This $16,250 structural steel erection contractors loan was issued by a Massachusetts bank. This small firm knew how to go about getting a business bank loan. Based in Rowley, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Eastern Bank, based in Boston, Massachusetts. SBA Loan Borrower COMPANY TYPE: STRUCTURAL STEEL ERECTION SBA Loan Lender EASTERN BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1791 - Structural Steel Erection NAICS Code 235910 - Structural Steel Erection Contractors Loan Approval Date 4/12/2002 Loan Approval Gross Amount $16,250 Loan Approval from the SBA Of the total $16,250 loan amount, the SBA guaranteed $13,812. 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 5 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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. Related Links: Good Banks for Small Business in Boston, Massachusetts
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