Fall River, Massachusetts Bank Lends Money to Insurance Agencies And Brokerages Company in Westport, Massachusetts

Want to talk with a Fall River, Massachusetts bank about a small business loan? Here's one Massachusetts business loan, issued by a Fall River bank, that was approved by the SBA.

Applying for an SBA loan with Bankfive worked out well for our friends at one local firm in Westport, Massachusetts. The business was able to get an SBA loan for $163,500. Awesome!

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENCIES AND BROKERAGES
WESTPORT, MA 02790

SBA Loan Lender

BANKFIVE
79 N MAIN ST
FALL RIVER, MA 02720

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

524210 - Insurance Agencies and Brokerages

Loan Approval Date

5/24/2005

Loan Approval Gross Amount

$163,500

Loan Approval from the SBA

Of the total $163,500 loan amount, the SBA guaranteed $81,750.

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 2 employees. The loan application indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Bankfive are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Business Credit Evaluation

SBA 7A Lenders in Fall River, Massachusetts

Massachusetts SBA 7A Lenders