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May 15, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Milford, Business Loans > Benjamin Franklin Bank Milford Business Loans > Variety Stores Loan | ||||
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SBA Lender Milford, Massachusetts
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Milford, Massachusetts Lender Lends Money to Variety Stores CompanyThinking about meeting with a Milford, Massachusetts bank about a small business loan? Here's one Massachusetts business loan, issued by a Milford bank, that was approved by the SBA. Applying for an SBA loan with Benjamin Franklin Bank worked out well for our friends at one local company in Bellingham, Massachusetts. They received an SBA loan for $41,000. Nice! SBA Loan Borrower COMPANY TYPE: VARIETY STORES SBA Loan Lender BENJAMIN FRANKLIN BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5331 - Variety Stores NAICS Code 452990 - General Merchandise Stores Loan Approval Date 7/7/2000 Loan Approval Gross Amount $41,000 Loan Approval from the SBA Of the total $41,000 loan amount, the SBA guaranteed $32,800. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Benjamin Franklin Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Realistic Debt Financing Options Small Bank Loans in Milford, Massachusetts
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