Business Loan from Sovereign Bank Given to Accounting Services Company
An SBA loan from Sovereign Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Worcester, Massachusetts business owner got a $75,000 loan.
This growing company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Sovereign Bank, out of Dorchester, Massachusetts. The loan was granted and they received $75,000 to help grow their Worcester, Massachusetts business.
SBA Loan Borrower
COMPANY TYPE: ACCOUNTING SERVICES
WORCESTER, MA 01608
SBA Loan Lender
SOVEREIGN BANK
2 MORRISEY BLVD
DORCHESTER, MA 02125
The lender provided this bank 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
541219 - Accounting Services
Loan Approval Date
3/1/2007
Loan Approval Gross Amount
$75,000
Loan Approval from the SBA
Of the total $75,000 loan amount, the SBA guaranteed $37,500.
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 48 employees. The loan application indicated that the loan would help generate 1 new job and retain 49 existing jobs.
Getting an SBA Loan For Your Business
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Sovereign Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
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Where to Get an SBA Loan in Dorchester, Massachusetts
SBA Participating Banks in Massachusetts