Sturbridge, Massachusetts Business Gets SBA-Guaranteed Funding from Td Banknorth

Td Banknorth is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Massachusetts entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sturbridge, Massachusetts was able to borrow $630,000 from Td Banknorth. The SBA made the loan possible by guaranteeing $472,500 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: WINE AND DISTILLED ALCOHOLIC BEVERAGES
STURBRIDGE, MA 01566

SBA Loan Lender

TD BANKNORTH
370 MAIN ST
WORCESTER, MA 01608

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5182 - Wine and Distilled Alcoholic Beverages

NAICS Code

424810 - Beer and Ale Merchant Wholesalers

Loan Approval Date

7/18/2003

Loan Approval Gross Amount

$630,000

Loan Approval from the SBA

Of the total $630,000 loan amount, the SBA guaranteed $472,500.

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 7 employees. This SBA loan request did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Td Banknorth had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Td Banknorth made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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