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