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March 28, 2024  
 
 
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Requirements for Entrepreneurs On Getting a Loan

 

 
Loan Census SBA Loan Info

Commercial Loans for General Warehousing and Storage

With these commercial loans for general warehousing and storage, the SBA guarantees the lender that the loan will be repaid. This general warehousing and storage loan for $462,000 was given to a Massachusetts entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in New Bedford, Massachusetts was able to borrow $462,000 from Bankfive. The SBA made the loan possible by guaranteeing $231,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL WAREHOUSING AND STORAGE
NEW BEDFORD, MA 02740

SBA Loan Lender

BANKFIVE
79 N MAIN ST
FALL RIVER, MA 02720

This lender processed this loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

493110 - General Warehousing and Storage

Loan Approval Date

7/20/2004

Loan Approval Gross Amount

$462,000

Loan Approval from the SBA

Of the total $462,000 loan amount, the SBA guaranteed $231,000.

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 12 employees. This SBA loan request indicated that the loan would help retain 12 existing jobs.

Next Steps for Getting an SBA Loan

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.

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:

Family and Friend Investors - Your First Financiers

SBA Participating Banks in Fall River, Massachusetts

SBA Massachusetts Banks