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April 19, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > New Bedford, Business Loans > Sovereign Bank New Bedford Business Loans > Repair Shops And Related Services Loan | ||||
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Sovereign Bank
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Fall River, Massachusetts Business Gets SBA-Guaranteed Funding from Sovereign BankSovereign Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Massachusetts entrepreneur was able to get a loan to take a small business to the next level. This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Sovereign Bank, out of New Bedford, Massachusetts. The loan was granted and they received $22,500 to help grow their Fall River, Massachusetts business. SBA Loan Borrower COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES SBA Loan Lender SOVEREIGN 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 7699 - Repair Shops and Related Services NAICS Code 561622 - Locksmiths Loan Approval Date 7/16/2001 Loan Approval Gross Amount $22,500 Loan Approval from the SBA Of the total $22,500 loan amount, the SBA guaranteed $19,125. 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 only one employee. The SBA loan documents did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding. 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: Obtaining Funding From a Venture Capitalist SBA 7A Lenders in New Bedford, Massachusetts
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