Turners Falls, Massachusetts Entrepreneur Gets a Bank Loan
Looking to get a Massachusetts business loan? This Massachusetts entrepreneur got a business loan, provided by a Massachusetts bank that works with the SBA to help small business owners.
Getting a small business loan in Turners Falls, Massachusetts was a top priority for this SBA-financed company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Greenfield Co-Operative Bank. Here are the details on this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
TURNERS FALLS, MA 01376
SBA Loan Lender
GREENFIELD CO-OPERATIVE BANK
63 FEDERAL ST
GREENFIELD, MA 01301
This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
8/9/2005
Loan Approval Gross Amount
$100,000
Loan Approval from the SBA
Of the total $100,000 loan amount, the SBA guaranteed $85,000.
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 10 employees. The SBA loan documents did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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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Small Bank Loans in Greenfield, Massachusetts
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