SBA Loan from Spencer Savings Bank Helps Motor Vehicle Parts Manufacturing Company

Spencer Savings Bank has a track record as a leading provider of SBA loans. Find out how this Massachusetts entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in West Brookfield, Massachusetts was able to borrow $320,000 from Spencer Savings Bank. The SBA made the loan possible by guaranteeing $240,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE PARTS MANUFACTURING
WEST BROOKFIELD, MA 01585

SBA Loan Lender

SPENCER SAVINGS BANK
176 MAIN ST
SPENCER, MA 01562

This lender issued this business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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.

NAICS Code

336399 - Motor Vehicle Parts Manufacturing

Loan Approval Date

7/26/2005

Loan Approval Gross Amount

$320,000

Loan Approval from the SBA

Of the total $320,000 loan amount, the SBA guaranteed $240,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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.

Related Links:

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SBA 7A Banks for Spencer, Massachusetts Loans

Where to Get an SBA Loan Massachusetts