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May 2, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Westfield, Business Loans > Westfield Bank Westfield Business Loans > Eating Places Loan | ||||
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Raising Money in Enfield, Connecticut With SBA Loans
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Firm Gets a Connecticut Small Business LoanLooking to get a Connecticut small business loan? This Connecticut entrepreneur got a small business loan, provided by a Massachusetts bank that works with the SBA to help small business owners. You can learn something about getting a small business loan in Enfield, Connecticut by studying this loan to a local company, made back in 2002. Banks like Westfield Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender WESTFIELD 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 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 7/16/2002 Loan Approval Gross Amount $78,000 Loan Approval from the SBA Of the total $78,000 loan amount, the SBA guaranteed $66,300. 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 9 employees. The loan application did not indicate that the company planned to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. While you may be able to find business people willing to loan money, 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: Microlending as a Small Business Funding Source SBA Approved Banks in Westfield, Massachusetts
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