Somerset, Massachusetts Entrepreneur Gets a Bank Loan

SBA loans in Massachusetts are are few and far betweeen these days. We take a look at one Massachusetts SBA loan, provided by a Massachusetts bank, that was approved by the SBA.

You can learn something about getting a small business loan in Somerset, Massachusetts by studying this loan to a local business, made back in 2005. Banks like Slade's Ferry Bancorp may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENCIES AND BROKERAGES
SOMERSET, MA 02726

SBA Loan Lender

SLADE'S FERRY BANCORP
100 SLADE'S FERRY AVE
SOMERSET, MA 02720

This lender issued this SBA 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

524210 - Insurance Agencies and Brokerages

Loan Approval Date

8/9/2005

Loan Approval Gross Amount

$372,000

Loan Approval from the SBA

Of the total $372,000 loan amount, the SBA guaranteed $279,000.

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 2 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great funding source

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 $372,000 loan. Remember, fight for what you want, and it will be yours!

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:

The Art of Bootstrapping

Best Somerset, Massachusetts Banks for Small Business

Getting an SBA Loan in Massachusetts