Entrepreneur Works With Somerset, Massachusetts Bank to Get an SBA Loan

Get to know Somerset, Massachusetts banks that specialize in small business loans and know how to work with entrepreneurs. Slade's Ferry Trust Company is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Westport, Massachusetts starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Slade's Ferry Trust Company. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: ELECTRIC SERVICES
WESTPORT, MA 02790

SBA Loan Lender

SLADE'S FERRY TRUST COMPANY
100 SLADE'S FERRY AVE
SOMERSET, MA 02726

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4911 - Electric Services

NAICS Code

221111 - Hydroelectric Power Generation

Loan Approval Date

2/19/2002

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $21,250.

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 3 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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 Slade's Ferry Trust Company 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:

Advice on Getting a Small Business Loan

Banks in Somerset, Massachusetts

SBA Lenders in Massachusetts