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May 1, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Pittsfield, Business Loans > Berkshire Bank Pittsfield Business Loans > Family Clothing Stores Loan | ||||
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MA SBA Loan from Berkshire Bank
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SBA Loan from Berkshire Bank Helps Family Clothing Stores CompanyAn SBA loan from Berkshire Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Lanesboro, Massachusetts business owner got a $50,000 loan. Getting a small business loan in Lanesboro, Massachusetts was an essential business goal for this firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Berkshire Bank, operating out of Pittsfield, Massachusetts. Here are the details on this Massachusetts small business loan. SBA Loan Borrower COMPANY TYPE: FAMILY CLOTHING STORES SBA Loan Lender BERKSHIRE BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5651 - Family Clothing Stores NAICS Code 448140 - Family Clothing Stores Loan Approval Date 12/19/2003 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. 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 SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees. 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: SBA Banks in Pittsfield, Massachusetts
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