Fine Arts Schools Business Loans

Looking for business loans for fine arts schools? An SBA loan may be just what you've been looking for. This $40,000 fine arts schools loan was issued by a Massachusetts bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Worcester, Massachusetts was able to borrow $40,000 from Bay State Savings Bank. The SBA made the loan possible by guaranteeing $34,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: DANCE STUDIOS, SCHOOLS, AND HALLS
WORCESTER, MA 01610

SBA Loan Lender

BAY STATE SAVINGS BANK
28 FRANKLIN ST
WORCESTER, MA 01608

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7911 - Dance Studios, Schools, and Halls

NAICS Code

611610 - Fine Arts Schools

Loan Approval Date

9/12/2002

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 3 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a business in Worcester MA, you ought to talk with a local Worcester SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Worcester businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Obtaining Funding - How to Decide How Much to Raise

Who Lends Money to Small Businesses in Worcester, Massachusetts

Getting an SBA Loan in Massachusetts