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May 13, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Southbridge, Business Loans > Southbridge Savings Bank Southbridge Business Loans > Repair Shops And Related Services Loan | ||||
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Massachusetts Bank SBA Loans
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Southbridge Savings Bank SBA Loan to Repair Shops And Related Services CompanyLooking to get a Massachusetts SBA loan? Here's one Massachusetts business loan that was approved by the SBA. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Charlton, Massachusetts was able to borrow $75,000 from Southbridge Savings Bank. The SBA made the loan possible by guaranteeing $60,000 of this Massachusetts small business loan. SBA Loan Borrower COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES SBA Loan Lender SOUTHBRIDGE SAVINGS BANK This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7699 - Repair Shops and Related Services Loan Approval Date 3/15/2000 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $60,000. 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 loan application did not indicate that the business planned to use the funding to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. 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: Good Banks for Small Business in Southbridge, Massachusetts
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