Massachusetts Business Loan Issued to General Automotive Repair Shops Company
Searching for a Massachusetts small business loan? This Massachusetts entrepreneur got a small business loan, provided by a Massachusetts bank that works with the SBA to help small business owners.
You can learn something about getting a small business loan in Springfield, Massachusetts by studying this loan to a local company, made back in 2000. Banks like Td Banknorth may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
SPRINGFIELD, MA 01101
SBA Loan Lender
TD BANKNORTH
1441 MAIN ST
SPRINGFIELD, MA 01103
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7538 - General Automotive Repair Shops
NAICS Code
811111 - General Automotive Repair
Loan Approval Date
11/30/2000
Loan Approval Gross Amount
$55,000
Loan Approval from the SBA
Of the total $55,000 loan amount, the SBA guaranteed $44,000.
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 company promised to use the loan proceeds to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Td Banknorth and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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 - Friends and Family
Banks in Springfield, Massachusetts
Where to Get an SBA Loan Massachusetts