Winthrop (town Of), Massachusetts Entrepreneur Gets a Bank Loan
Small business loans in Massachusetts are hard to find these days. We take a look at one Massachusetts small business loan, provided by a Rhode Island bank, that was approved by the SBA.
Getting a small business loan in Winthrop (town Of), Massachusetts was a top priority for this small company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America. Here are the details on this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
WINTHROP (TOWN OF), MA 02152
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This loan for a small business was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.
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
812320 - Drycleaning and Laundry Services
Loan Approval Date
2/6/2004
Loan Approval Gross Amount
$15,500
Loan Approval from the SBA
Of the total $15,500 loan amount, the SBA guaranteed $7,750.
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 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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:
Determining Proper Capital Structure for a Business
Find an SBA Lender in Providence, Rhode Island
Where to Get an SBA Loan Rhode Island