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November 22, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Westfield, Business Loans > Westfield Bank Westfield Business Loans > Machine Shops Loan | ||||
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Westfield Bank Business Loan Suffield (suffield Center)
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Suffield (suffield Center), Connecticut Business Gets SBA-Guaranteed Funding from Westfield BankWestfield Bank 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 Connecticut entrepreneur who tapped into the power of SBA loans. Getting a small business loan in Suffield (suffield Center), Connecticut was an essential business goal for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Westfield Bank, operating out of Westfield, Massachusetts. Here are the details on this Connecticut small business loan. SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender WESTFIELD BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 332710 - Machine Shops Loan Approval Date 10/17/2007 Loan Approval Gross Amount $284,000 Loan Approval from the SBA Of the total $284,000 loan amount, the SBA guaranteed $213,000. 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 2 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 4 existing jobs. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: SBA 7A Banks for Westfield, Massachusetts Loans
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