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December 22, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Beverly, Business Loans > Beverly Co-Operative Bank Beverly Business Loans > Full-Service Restaurants Loan | ||||
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SBA Lenders That Lend to Salem Small Business Owners
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Local Business Gets a Massachusetts Small Business LoanBusiness loans in Massachusetts are tough to come by these days. We take a look at one Massachusetts business loan, provided by a Massachusetts bank, that was approved by the SBA. This company, based in Salem, Massachusetts, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Beverly Co-Operative Bank. We've got the inside scoop on this Massachusetts small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender BEVERLY CO-OPERATIVE BANK This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 4/11/2006 Loan Approval Gross Amount $60,000 Loan Approval from the SBA Of the total $60,000 loan amount, the SBA guaranteed $51,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 7 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. This SBA loan was for $60,000. How would you spend $60,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: A Company That Helps Entrepreneurs Small Bank Loans in Beverly, Massachusetts
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