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April 27, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Lowell, Business Loans > Lowell Five Cent Savings Bank Lowell Business Loans > Book Stores Loan | ||||
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SBA Loan from Lowell Five Cent Savings Bank
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Business Loan from Lowell Five Cent Savings Bank Given to Book Stores CompanyLowell Five Cent Savings Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Massachusetts entrepreneur who tapped into the power of SBA loans. This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Lowell Five Cent Savings Bank, out of Lowell, Massachusetts. The loan was granted and they received $20,000 to help grow their Lowell, Massachusetts business. SBA Loan Borrower COMPANY TYPE: BOOK STORES SBA Loan Lender LOWELL FIVE CENT SAVINGS 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 5942 - Book Stores NAICS Code 451211 - Book Stores Loan Approval Date 7/17/2001 Loan Approval Gross Amount $20,000 Loan Approval from the SBA Of the total $20,000 loan amount, the SBA guaranteed $17,000. 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 promised to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Lowell Five Cent Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Lowell Five Cent Savings Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Raising VC Money for Social Networking Companies SBA 7A Lenders in Lowell, Massachusetts
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