SBA Loan from Mechanics Co-Operative Bank Helps Limited-Service Restaurants Company

Mechanics Co-Operative 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 Massachusetts entrepreneur who tapped into the power of SBA loans.

This growing company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Mechanics Co-Operative Bank, out of Taunton, Massachusetts. The loan was granted and they received $66,105 to help grow their Taunton, Massachusetts business.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
TAUNTON, MA 02780

SBA Loan Lender

MECHANICS CO-OPERATIVE BANK
308 BAY ST
TAUNTON, MA 02780

This SBA small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

8/8/2006

Loan Approval Gross Amount

$66,105

Loan Approval from the SBA

Of the total $66,105 loan amount, the SBA guaranteed $56,189.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The loan application did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Mechanics Co-Operative Bank and they will explain how you can get an SBA loan for your company.

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:

Business Cash Advances

SBA 7A Lenders in Taunton, Massachusetts

Getting an SBA Loan in Massachusetts