Westboro, Massachusetts Business Gets SBA-Guaranteed Funding from Flagship Bank & Trust

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

This small firm knew how to go about getting a business bank loan. Based in Westboro, Massachusetts, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Flagship Bank & Trust, based in Worcester, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: NEWSPAPER
WESTBORO, MA 01581

SBA Loan Lender

FLAGSHIP BANK & TRUST
120 FRONT ST
WORCESTER, MA 01608

This lender issued this bank 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

2711 - Newspaper

NAICS Code

511110 - Newspaper Publishers

Loan Approval Date

7/30/2001

Loan Approval Gross Amount

$284,750

Loan Approval from the SBA

Of the total $284,750 loan amount, the SBA guaranteed $213,563.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 17 employees. The loan application did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Flagship Bank & Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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