Salem, Massachusetts Lender Lends Money to Machine Shops Company

Get small business loans from a Salem, Massachusetts bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too.

Salem Five Cents Savings Bank is a Salem, Massachusetts small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Massachusetts company.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
PEABODY, MA 01960

SBA Loan Lender

SALEM FIVE CENTS SAVINGS BANK
71 WASHINGTON ST
SALEM, MA 01970

This lender provides SBA debt financing as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

5/25/2005

Loan Approval Gross Amount

$641,300

Loan Approval from the SBA

Of the total $641,300 loan amount, the SBA guaranteed $480,975.

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 8 employees. The SBA loan documents indicated that the loan would help retain 8 existing jobs.

Start the Process for Getting an SBA Loan Today!

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.

While you may be able to find other ways to get money to start a business, 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.

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