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April 26, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > South Weymouth, Business Loans > South Shore Savings Bank South Weymouth Business Loans > Security Guards And Patrol Services Loan | ||||
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How to Get Commercial Loans in Dorchester, Massachusetts
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Massachusetts Business Loan Issued to Security Guards And Patrol Services CompanyBusiness loans in Massachusetts are hard to find these days. We take a look at one Massachusetts business loan, provided by a Massachusetts bank, that was approved by the SBA. You can learn something about getting a small business loan in Dorchester, Massachusetts by studying this loan to a local business, made back in 2005. Banks like South Shore Savings Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: SECURITY GUARDS AND PATROL SERVICES SBA Loan Lender SOUTH SHORE SAVINGS BANK This commercial loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 561612 - Security Guards and Patrol Services Loan Approval Date 3/21/2005 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. 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 15 employees. The SBA loan application for the borrower indicated that the loan would help retain 15 existing jobs. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: SBA 7A Lenders in South Weymouth, Massachusetts
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