SBA Loan from Beverly Co-Operative Bank Helps Snack And Nonalcoholic Beverage Bars Company

Beverly Co-Operative Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Massachusetts entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Salem, Massachusetts was an essential business goal for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Beverly Co-Operative Bank, operating out of Beverly, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: SNACK AND NONALCOHOLIC BEVERAGE BARS
SALEM, MA 01970

SBA Loan Lender

BEVERLY CO-OPERATIVE BANK
254 CABOT ST
BEVERLY, MA 01915

This lender issued this SBA business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

7/16/2007

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 25 employees. The loan application indicated that the loan would help generate 14 new jobs and retain 11 existing jobs.

Getting an SBA Loan For Your Business

If you need business start up money in Salem MA, you ought to talk with a local Salem SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Salem businesses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $200,000 loan. Remember, things become real when you believe you can achieve them!

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:

How to Raise Money

SBA 7A Banks for Beverly, Massachusetts Loans

Getting a Business Loan in Massachusetts