Financing for Gift, Novelty, and Souvenir Stores
With these loans for gift, novelty, and souvenir stores, the SBA guarantees the lender that the loan will be repaid. This gift, novelty, and souvenir stores loan for $30,500 was given to a Massachusetts entrepreneur in 2000.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in West Springfield, Massachusetts was able to borrow $30,500 from Td Banknorth. The SBA made the loan possible by guaranteeing $24,400 of this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR SHOPS
WEST SPRINGFIELD, MA 01089
SBA Loan Lender
TD BANKNORTH
1441 MAIN ST
SPRINGFIELD, MA 01103
This lender issued this loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started 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
5947 - Gift, Novelty, and Souvenir Shops
NAICS Code
453220 - Gift, Novelty, and Souvenir Stores
Loan Approval Date
9/29/2000
Loan Approval Gross Amount
$30,500
Loan Approval from the SBA
Of the total $30,500 loan amount, the SBA guaranteed $24,400.
More Information on This SBA Loan
The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 2 employees. The loan application did not indicate that the business promised to use the money to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
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 Td Banknorth 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.
Related Links:
Small Business Loan
Best Springfield, Massachusetts Banks for Small Business
Getting a Business Loan in Massachusetts