Getting an SBA Loan for Commercial and Institutional Building Construction
With these commercial loans for commercial and institutional building construction, the SBA guarantees the lender that the loan will be repaid. This commercial and institutional building construction loan for $50,000 was given to a Massachusetts entrepreneur in 2002.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Dracut, Massachusetts was able to borrow $50,000 from Enterprise Bank & Trust. The SBA made the loan possible by guaranteeing $42,500 of this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: GENERAL CONTRACTING FOR NONRESIDENTIAL BUILDINGS
DRACUT, MA 01826
SBA Loan Lender
ENTERPRISE BANK & TRUST
222 MERRIMACK ST
LOWELL, MA 01852
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
1542 - General Contracting for Nonresidential Buildings
233320 - Commercial and Institutional Building Construction
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $42,500.
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 3 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
Don't apply for a loan directly with the SBA. You need to 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.
We can help you find the best banks for small businesses in Dracut or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.
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.
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