Whitman, Massachusetts Business Gets SBA-Guaranteed Funding from Sovereign Bank

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

This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Sovereign Bank, out of Abington, Massachusetts. The loan was granted and they received $30,000 to help grow their Whitman, Massachusetts business.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
WHITMAN, MA 02351

SBA Loan Lender

SOVEREIGN BANK
533 WASHINGTON ST
ABINGTON, MA 02351

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

Loan Approval Date

4/11/2000

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $24,000.

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. This SBA loan request did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Sovereign Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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