Business Loan from Hampden Bank Given to Automotive Repair Shops Company
Hampden Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Connecticut entrepreneur was able to get a loan to take a small business to the next level.
This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Hampden Bank, out of Springfield, Massachusetts. The loan was granted and they received $312,500 to help grow their Windsor Locks, Connecticut business.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS
WINDSOR LOCKS, CT 06096
SBA Loan Lender
HAMPDEN BANK
19 HARRISON AVE
SPRINGFIELD, MA 01103
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7539 - Automotive Repair Shops
NAICS Code
811111 - General Automotive Repair
Loan Approval Date
12/4/2002
Loan Approval Gross Amount
$312,500
Loan Approval from the SBA
Of the total $312,500 loan amount, the SBA guaranteed $234,375.
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 5 employees. The SBA loan documents did not indicate that the business promised to use the money to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.
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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