SBA Loan from South Shore Savings Bank Helps Heating Oil Dealers Company

South Shore 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 Weymouth (town Of), Massachusetts was able to borrow $350,000 from South Shore Savings Bank. The SBA made the loan possible by guaranteeing $87,500 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: HEATING OIL DEALERS
WEYMOUTH (TOWN OF), MA 02188

SBA Loan Lender

SOUTH SHORE SAVINGS BANK
1530 MAIN ST
SOUTH WEYMOUTH, MA 02190

The lender provided this SBA small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

454311 - Heating Oil Dealers

Loan Approval Date

12/20/2004

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $87,500.

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 10 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 11 existing jobs.

Great, But How Can I Get an SBA Loan for My 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 South Shore Savings Bank 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:

Obtaining Funding - Getting Venture Capital

SBA Participating Banks in South Weymouth, Massachusetts

Getting an SBA Loan in Massachusetts