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May 5, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Boston, Business Loans > Wainwright Bank & Trust Boston Business Loans > Family Clothing Stores Loan | ||||
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SBA Lender Boston
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Boston, Massachusetts Lender Lends Money to Family Clothing Stores CompanyThinking about meeting with a Boston, Massachusetts bank about a small business loan? Here's one Massachusetts business loan, issued by a Boston bank, that was approved by the SBA. Applying for an SBA loan with Wainwright Bank & Trust worked out well for our friends at one local firm in Boston, Massachusetts. They got an SBA loan for $75,000. Awesome! SBA Loan Borrower COMPANY TYPE: FAMILY CLOTHING STORES SBA Loan Lender WAINWRIGHT BANK & TRUST 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 5651 - Family Clothing Stores NAICS Code 448140 - Family Clothing Stores Loan Approval Date 3/14/2003 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $63,750. 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 2 employees. The SBA loan documents did not indicate that the company planned 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? Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 Wainwright Bank & Trust 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: Small Bank Loans in Boston, Massachusetts Where to Get an SBA Loan Massachusetts
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