SBA Loan from Newalliance Bank Helps Eating Places Company

An SBA loan from Newalliance Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Southwick, Massachusetts business owner got a $489,990 loan.

Getting a small business loan in Southwick, Massachusetts was an essential business goal for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Newalliance Bank, operating out of West Springfield, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
SOUTHWICK, MA 01077

SBA Loan Lender

NEWALLIANCE BANK
225 PARK AVE
WEST SPRINGFIELD, MA 01089

This debt financing 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.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/25/2003

Loan Approval Gross Amount

$489,990

Loan Approval from the SBA

Of the total $489,990 loan amount, the SBA guaranteed $367,493.

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 26 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Newalliance Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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SBA 7A Lenders in West Springfield, Massachusetts

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