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May 3, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Worcester, Business Loans > Bay State Savings Bank Worcester Business Loans > Grocery Stores Loan | ||||
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Worcester, Massachusetts Bank for SBA Loans
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Worcester, Massachusetts Lender Lends Money to Grocery Stores CompanyWant to talk with a Worcester, Massachusetts bank about an SBA loan? Here's one Massachusetts business loan, issued by a Worcester bank, that was approved by the SBA. Applying for an SBA loan with Bay State Savings Bank worked out well for our friends at one local company in Rutland, Massachusetts. The business was able to get an SBA loan for $128,000. Great job! SBA Loan Borrower COMPANY TYPE: GROCERY STORES SBA Loan Lender BAY STATE 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 5411 - Grocery Stores NAICS Code 445110 - Supermarkets and Grocery Stores Loan Approval Date 6/19/2003 Loan Approval Gross Amount $128,000 Loan Approval from the SBA Of the total $128,000 loan amount, the SBA guaranteed $108,800. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bay State Savings Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA Banks in Worcester, Massachusetts
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