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March 28, 2024  
 
 
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Raising Money in Holyoke, Massachusetts With SBA Loans

 

 
Loan Census SBA Loan Info

Limited-Service Restaurants Loans

With these loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $150,000 was given to a Massachusetts entrepreneur in 2002.

This small firm knew how to go about getting a business bank loan. Based in Holyoke, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Chicopee Savings Bank, based in Chicopee, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
HOLYOKE, MA 01040

SBA Loan Lender

CHICOPEE SAVINGS BANK
229 EXCHANGE ST
CHICOPEE, MA 01013

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

11/20/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 20 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $150,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

SBIR Funding

SBA Banks in Chicopee, Massachusetts

Browse All Business Loan Sources for Massachusetts