Salem Five Cents Savings Bank Gives SBA Loan to Prerecorded Tape, Compact Disc, And Record Stores Company
Want a Massachusetts bank loan? This Massachusetts entrepreneur got a bank loan, provided by a Massachusetts bank that works with the SBA to help small business owners.
You can learn something about getting a small business loan in Cambridge, Massachusetts by studying this loan to a local company, made back in 2005. Banks like Salem Five Cents Savings Bank may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: PRERECORDED TAPE, COMPACT DISC, AND RECORD STORES
CAMBRIDGE, MA 02138
SBA Loan Lender
SALEM FIVE CENTS SAVINGS BANK
71 WASHINGTON ST
SALEM, MA 01970
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
451220 - Prerecorded Tape, Compact Disc, and Record Stores
Loan Approval Date
6/3/2005
Loan Approval Gross Amount
$120,000
Loan Approval from the SBA
Of the total $120,000 loan amount, the SBA guaranteed $102,000.
More Information on This SBA Loan
The borrower borrowed this money for a new 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. This SBA loan request did not indicate that the SBA funding recipient planned 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?
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Salem Five Cents Savings Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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:
Alternative Financing
SBA 7A Banks for Salem, Massachusetts Loans
Massachusetts SBA 7A Lenders