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May 2, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Springfield, Business Loans > Bank - Western Massachusetts Springfield Business Loans > Men's And Boys' Neckwear Manufacturing Loan | ||||
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Massachusetts Small Business Funding
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Financing for Men's and Boys' Neckwear ManufacturingLooking for commercial loans for men's and boys' neckwear manufacturing? Talk to a banker who works with the SBA. This $455,000 men's and boys' neckwear manufacturing loan was issued by a Massachusetts bank. This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Bank - Western Massachusetts, out of Springfield, Massachusetts. The loan was granted and they received $455,000 to help grow their Boston, Massachusetts business. SBA Loan Borrower COMPANY TYPE: MEN'S AND BOYS' NECKWEAR MANUFACTURING SBA Loan Lender BANK - WESTERN MASSACHUSETTS This lender provides SBA commercial loans 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 315993 - Men's and Boys' Neckwear Manufacturing Loan Approval Date 12/30/2003 Loan Approval Gross Amount $455,000 Loan Approval from the SBA Of the total $455,000 loan amount, the SBA guaranteed $341,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Every year, the SBA guarantees over $10 billion for loans just like this one. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Determining Proper Capital Structure for a Business Best Banks for Small Business in Springfield, Massachusetts Getting an SBA Loan in Massachusetts
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