Boston Private Bank & Trust Gives Small Business Loan to Radio, Television, And Electronics Stores Company

MassachusettsBank loans are available to Massachusetts firms through the SBA. In this case, a Massachusetts bank provides the loan.

You can learn something about getting a small business loan in Swampscott, Massachusetts by studying this loan to a local company, made back in 2004. Banks like Boston Private Bank & Trust may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: RADIO, TELEVISION, AND ELECTRONICS STORES
SWAMPSCOTT, MA 01907

SBA Loan Lender

BOSTON PRIVATE BANK & TRUST
TEN POST OFFICE SQ
BOSTON, MA 02109

This lender issued this business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began 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.

NAICS Code

443112 - Radio, Television, and Electronics Stores

Loan Approval Date

7/14/2004

Loan Approval Gross Amount

$600,000

Loan Approval from the SBA

Of the total $600,000 loan amount, the SBA guaranteed $540,000.

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 only one employee. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $600,000 loan. Remember, things become real when you believe you can achieve them!

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:

Determining Proper Capital Structure for a Business

Find an SBA Lender in Boston, Massachusetts

Massachusetts SBA Bank Lenders