Where to Get Capital for New Multifamily Housing Construction

Looking for SBA loans for new multifamily housing construction? The SBA may be the answer. This $20,000 new multifamily housing construction loan was issued by a Massachusetts bank.

This business knew how to go about getting a business bank loan. Based in Chicopee, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Chicopee Savings Bank, based in Chicopee, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: NEW MULTIFAMILY HOUSING CONSTRUCTION
CHICOPEE, MA 01020

SBA Loan Lender

CHICOPEE SAVINGS BANK
70 CENTER ST
CHICOPEE, MA 01013

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

236116 - New Multifamily Housing Construction

Loan Approval Date

3/24/2003

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $10,000.

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 only one employee. The loan application indicated that the loan would help generate 1 new job and retain 1 existing job.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Raising Venture Capital

SBA Banks in Chicopee, Massachusetts

Getting an SBA Loan in Massachusetts