Sovereign Bank Gives Business Loan to New Single-Family Housing Construction Company

MassachusettsBusiness loans are available to Massachusetts business owners through the SBA. In this case, a Pennsylvania bank provides the loan.

This business, based in Uxbridge, 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 Sovereign Bank. We've got the inside scoop on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: NEW SINGLE-FAMILY HOUSING CONSTRUCTION
UXBRIDGE, MA 01569

SBA Loan Lender

SOVEREIGN BANK
2 ALDWYN LN
VILLANOVA, PA 19085

The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

236115 - New Single-Family Housing Construction

Loan Approval Date

8/11/2006

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $50,000.

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 4 employees. The loan application did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a business or need money for an existing business, an SBA loan can be a great way to raise money

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Sovereign Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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 Incubators

Banks in Villanova, Pennsylvania

Find an SBA Lender in Pennsylvania