How to Get a Loan for Nursing Care Facilities

With these commercial loans for nursing care facilities, the SBA guarantees the lender that the loan will be repaid. This nursing care facilities loan for $550,000 was given to a Massachusetts entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Worcester, Massachusetts was able to borrow $550,000 from Home Loan Invest Bank F.S.B.. The SBA made the loan possible by guaranteeing $412,500 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: NURSING CARE FACILITIES
WORCESTER, MA 01603

SBA Loan Lender

HOME LOAN INVEST BANK F.S.B.
1 HOME LOAN PLAZA, STE 3
WARWICK, RI 02886

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623110 - Nursing Care Facilities

Loan Approval Date

7/20/2004

Loan Approval Gross Amount

$550,000

Loan Approval from the SBA

Of the total $550,000 loan amount, the SBA guaranteed $412,500.

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 26 employees. The loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $550,000 loan. Remember, where there is a will, there is a way!

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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