Massachusetts Small Business Loan Issued to Marine Products Company

Business loans in Massachusetts are tough to come by these days. We take a look at one Massachusetts business loan, provided by an Ohio bank, that was approved by the SBA.

Getting a small business loan in Scituate, Massachusetts was a top priority for this SBA-financed company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Key Direct, A Branch Of. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: MARINE PRODUCTS
SCITUATE, MA 02066

SBA Loan Lender

KEY DIRECT, A BRANCH OF
4910 TIEDEMAN RD, OH-01-51-06
BROOKLYN, OH 44144

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

0919 - Marine Products

NAICS Code

114119 - Marine Fishing

Loan Approval Date

6/1/2001

Loan Approval Gross Amount

$135,000

Loan Approval from the SBA

Of the total $135,000 loan amount, the SBA guaranteed $114,750.

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 6 employees. The loan application did not indicate that the small business 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?

Many small businesses receive loans backed by the U.S. Small Business Administration.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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