Business Loan from Bank - Western Massachusetts Given to Eating Places Company

An SBA loan from Bank - Western Massachusetts typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Shelburne Falls, Massachusetts business owner got a $62,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Shelburne Falls, Massachusetts was able to borrow $62,000 from Bank - Western Massachusetts. The SBA made the loan possible by guaranteeing $52,700 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
SHELBURNE FALLS, MA 01370

SBA Loan Lender

BANK - WESTERN MASSACHUSETTS
1391 MAIN ST, 3RD FL
SPRINGFIELD, MA 01103

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/25/2002

Loan Approval Gross Amount

$62,000

Loan Approval from the SBA

Of the total $62,000 loan amount, the SBA guaranteed $52,700.

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 10 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Bank - Western Massachusetts and they will explain how you can get an SBA loan for your company.

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:

Getting a Small Business Loan

Small Bank Loans in Springfield, Massachusetts

Massachusetts SBA 7A Lenders