Reading, Massachusetts Bank Gives SBA Loan to Engineering Services Company

Get to know Reading, Massachusetts banks that specialize in small business loans and know how to work with entrepreneurs. Reading Co-Operative Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Waltham, Massachusetts starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Reading Co-Operative Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: ENGINEERING SERVICES
WALTHAM, MA 02451

SBA Loan Lender

READING CO-OPERATIVE BANK
180 HAVEN ST
READING, MA 01867

The lender provided this 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.

SIC Code

8711 - Engineering Services

NAICS Code

541330 - Engineering Services

Loan Approval Date

6/12/2000

Loan Approval Gross Amount

$78,500

Loan Approval from the SBA

Of the total $78,500 loan amount, the SBA guaranteed $39,250.

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 21 employees. The SBA loan application for the borrower indicated that the loan would help generate 42 new jobs and retain 21 existing jobs.

Next Steps for Getting an SBA Loan

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Reading Co-Operative Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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