Motorcycle, ATV, and Personal Watercraft Dealers SBA Loans

With these SBA loans for motorcycle, atv, and personal watercraft dealers, the SBA guarantees the lender that the loan will be repaid. This motorcycle, atv, and personal watercraft dealers loan for $100,000 was given to a Massachusetts entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Southwick, Massachusetts was able to borrow $100,000 from Westfield Bank. The SBA made the loan possible by guaranteeing $85,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTORCYCLE DEALERS
SOUTHWICK, MA 01077

SBA Loan Lender

WESTFIELD BANK
141 ELM ST
WESTFIELD, MA 01085

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5571 - Motorcycle Dealers

NAICS Code

441221 - Motorcycle, ATV, and Personal Watercraft Dealers

Loan Approval Date

2/27/2001

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. The loan application did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Westfield Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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