Sheffield, Massachusetts Entrepreneur Gets a Small Business Loan

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

This business, based in Sheffield, 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 Greylock Fcu. We've got the inside scoop on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: CUSTOM COMPOUNDING OF PURCHASED RESINS
SHEFFIELD, MA 01257

SBA Loan Lender

GREYLOCK FCU
150 WEST ST
PITTSFIELD, MA 01201

This SBA 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

325991 - Custom Compounding of Purchased Resins

Loan Approval Date

2/9/2005

Loan Approval Gross Amount

$386,000

Loan Approval from the SBA

Of the total $386,000 loan amount, the SBA guaranteed $289,500.

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 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

This SBA loan was for $386,000. How would you spend $386,000 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:

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SBA 7A Banks for Pittsfield, Massachusetts Loans

SBA Massachusetts Lenders