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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 > Hobby, Toy, And Game Stores Loan | ||||
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MA SBA Loan from Berkshire Bank
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Berkshire Bank SBA Loan to Hobby, Toy, And Game Stores CompanyBerkshire Bank has a track record as a leading provider of SBA loans. Find out how this Massachusetts entrepreneur received an SBA loan from them. Getting a small business loan in Pittsfield, Massachusetts was an essential business goal for this small business back in 2005 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: HOBBY, TOY, AND GAME STORES SBA Loan Lender BERKSHIRE 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. NAICS Code 451120 - Hobby, Toy, and Game Stores Loan Approval Date 8/8/2005 Loan Approval Gross Amount $45,600 Loan Approval from the SBA Of the total $45,600 loan amount, the SBA guaranteed $38,760. 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 2 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Berkshire Bank and they will explain how you can get an SBA loan for your company. 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: Accountant's Role in Securing Financing SBA Participating Banks in Pittsfield, Massachusetts
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