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May 3, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Pittsfield, Business Loans > Pittsfield Co-Operative Bk Pittsfield Business Loans > Eating Places Loan | ||||
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Advice for Small Businesses On Getting a Loan
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Get an SBA Loan for Full-Service RestaurantsLooking for small business loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $150,000 full-service restaurants loan was issued by a Massachusetts bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Pittsfield, Massachusetts was able to borrow $150,000 from Pittsfield Co-Operative Bk. The SBA made the loan possible by guaranteeing $127,500 of this Massachusetts small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender PITTSFIELD CO-OPERATIVE BK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 1/29/2001 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 a new business. This loan was not for a franchise. At the time of the loan, the company had 12 employees. The loan application did not indicate that the company promised to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, anyone can do it... so why not you? 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: Realistic Debt Financing Options SBA 7A Lenders in Pittsfield, Massachusetts SBA Participating Banks in Massachusetts
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