Boston, Massachusetts Bank Gives SBA Loan to Physicians Company

Get to know Boston, Massachusetts banks that specialize in business loans and know how to work with entrepreneurs. Eastern Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Salem, Massachusetts starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Eastern Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: PHYSICIANS
SALEM, MA 01970

SBA Loan Lender

EASTERN BANK
265 FRANKLIN ST
BOSTON, MA 02110

This bank 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

621111 - Physicians

Loan Approval Date

6/10/2004

Loan Approval Gross Amount

$255,200

Loan Approval from the SBA

Of the total $255,200 loan amount, the SBA guaranteed $127,600.

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 only one employee. The loan application indicated that the borrowed money would help generate 4 new jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Eastern Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Eastern Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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