Sovereign Bank SBA Loan to General Contracting For Residential Buildings Company

Searching for a Massachusetts small business loan? Here's one Massachusetts business loan that was approved by the SBA.

This growing firm needed an SBA business loan in Sharon, Massachusetts back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Sovereign Bank, operating out of Boston, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL CONTRACTING FOR RESIDENTIAL BUILDINGS
SHARON, MA 02067

SBA Loan Lender

SOVEREIGN BANK
75 STATE ST
BOSTON, MA 02109

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

SIC Code

1522 - General Contracting for Residential Buildings

Loan Approval Date

2/18/2000

Loan Approval Gross Amount

$87,900

Loan Approval from the SBA

Of the total $87,900 loan amount, the SBA guaranteed $43,950.

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 2 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Sovereign Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

VC Firms on Twitter

Best Banks for Small Business in Boston, Massachusetts

Getting a Business Loan in Massachusetts