Massachusetts Business Loan Issued to Service Establishment Equipment And Supplies Company

Business loans in Massachusetts are hard to find these days. We take a look at one Massachusetts business loan, provided by a Massachusetts bank, that was approved by the SBA.

Getting a small business loan in Tewksbury, Massachusetts was a top priority for this SBA-financed company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Lowell Five Cent Savings Bank. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: SERVICE ESTABLISHMENT EQUIPMENT AND SUPPLIES
TEWKSBURY, MA 01854

SBA Loan Lender

LOWELL FIVE CENT SAVINGS BANK
1 MERRIMACK PLZ
LOWELL, MA 01852

This lender issued this particular SBA business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5087 - Service Establishment Equipment and Supplies

Loan Approval Date

6/19/2000

Loan Approval Gross Amount

$126,000

Loan Approval from the SBA

Of the total $126,000 loan amount, the SBA guaranteed $94,500.

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 5 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

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:

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Where to Get an SBA Loan in Lowell, Massachusetts

Massachusetts SBA Bank Lenders