Schools and Instruction Bank Loans
With these bank loans for schools and instruction, the SBA guarantees the lender that the loan will be repaid. This schools and instruction loan for $40,000 was given to a Massachusetts entrepreneur in 2002.
Getting a small business loan in Springfield, Massachusetts was important for this growing firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from United Bank, operating out of West Springfield, Massachusetts. Here are the details on this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: SCHOOLS AND EDUCATIONAL SERVICES
SPRINGFIELD, MA 01128
SBA Loan Lender
UNITED BANK
95 ELM ST
WEST SPRINGFIELD, MA 01089
This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
8299 - Schools and Educational Services
NAICS Code
611699 - Schools and Instruction
Loan Approval Date
8/8/2002
Loan Approval Gross Amount
$40,000
Loan Approval from the SBA
Of the total $40,000 loan amount, the SBA guaranteed $34,000.
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 6 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.
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:
Attracting Investors
Small Bank Loans in West Springfield, Massachusetts
Massachusetts SBA 7A Lenders