Somerville, Massachusetts Business Gets SBA-Guaranteed Funding from Bank Of America

An SBA loan from Bank Of America typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Somerville, Massachusetts business owner got a $70,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Somerville, Massachusetts was able to borrow $70,000 from Bank Of America. The SBA made the loan possible by guaranteeing $35,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: REAL ESTATE AGENTS AND BROKERS
SOMERVILLE, MA 02143

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

The lender provided this SBA business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

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

NAICS Code

531210 - Real Estate Agents and Brokers

Loan Approval Date

6/1/2006

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $35,000.

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 3 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 5 existing jobs.

Next Steps for Getting an SBA Loan

If you need business start up money in Somerville MA, you ought to talk with a local Somerville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Somerville businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Of America had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of America made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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