Local Business Gets a Massachusetts Small Business Loan
Business loans in Massachusetts are are few and far betweeen these days. We take a look at one Massachusetts business loan, provided by a Massachusetts bank, that was approved by the SBA.
This small business, based in Turners Falls, Massachusetts, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Greenfield Co-Operative Bank. We've got the inside scoop on this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: PHOTOGRAPHIC STUDIOS, PORTRAIT
TURNERS FALLS, MA 01376
SBA Loan Lender
GREENFIELD CO-OPERATIVE BANK
63 FEDERAL ST
GREENFIELD, MA 01301
This lender issued this small 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.
SIC Code
7221 - Photographic Studios, Portrait
NAICS Code
541921 - Photography Studios, Portrait
Loan Approval Date
3/11/2003
Loan Approval Gross Amount
$500,000
Loan Approval from the SBA
Of the total $500,000 loan amount, the SBA guaranteed $375,000.
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 40 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
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.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Greenfield Co-Operative Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Greenfield Co-Operative Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
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:
Small Business Loan
Best Banks in Greenfield, Massachusetts
Getting an SBA Loan in Massachusetts