Entrepreneur Works With Springfield, Massachusetts Bank to Get an SBA Loan

Get to know Springfield, Massachusetts banks that specialize in SBA loans and know how to work with entrepreneurs. Bank - Western Massachusetts is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in South Deerfield, Massachusetts starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Bank - Western Massachusetts. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: COMPUTER AND OFFICE MACHINE REPAIR AND MAINTENANCE
SOUTH DEERFIELD, MA 01373

SBA Loan Lender

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

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811212 - Computer and Office Machine Repair and Maintenance

Loan Approval Date

6/25/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

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 18 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 18 existing jobs.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Obtaining Funding - How to Borrow Money

Who Lends Money to Small Businesses in Springfield, Massachusetts

Getting an SBA Loan in Massachusetts