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November 22, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Webster, Business Loans > Hometown Bank A Co-Operative B Webster Business Loans > Store Retailers Loan | ||||
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How to Get SBA Money in Sturbridge, Massachusetts
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Massachusetts Small Business Loan Issued to Store Retailers CompanyMassachusettsSmall business loans are available to Massachusetts small business owners through the SBA. In this case, a Massachusetts bank provides the loan. Getting a small business loan in Sturbridge, Massachusetts was a top priority for this small company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Hometown Bank A Co-Operative B. Here are the details on this Massachusetts small business loan. SBA Loan Borrower COMPANY TYPE: STORE RETAILERS SBA Loan Lender HOMETOWN BANK A CO-OPERATIVE B This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 453998 - Store Retailers Loan Approval Date 3/23/2007 Loan Approval Gross Amount $135,000 Loan Approval from the SBA Of the total $135,000 loan amount, the SBA guaranteed $67,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request indicated that the loan would help retain 3 existing jobs. Getting an SBA Loan For Your Business SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Best Webster, Massachusetts Banks for Small Business Browse All Business Loan Sources for Massachusetts
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