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May 13, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Westfield, Business Loans > Westfield Bank Westfield Business Loans > Machine Shops Loan | ||||
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Massachusetts Small Business Funding
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Where to Get Capital for Machine ShopsWith these SBA loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $436,235 was given to a Massachusetts entrepreneur in 2006. This business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Westfield Bank, out of Westfield, Massachusetts. The loan was granted and they received $436,235 to help grow their East Longmeadow, Massachusetts business. SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender WESTFIELD BANK This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 332710 - Machine Shops Loan Approval Date 11/29/2006 Loan Approval Gross Amount $436,235 Loan Approval from the SBA Of the total $436,235 loan amount, the SBA guaranteed $327,176. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 32 employees. The loan application did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Westfield Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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 Borrow Money SBA 7A Banks in Westfield, Massachusetts
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