SBA Loan from Sovereign Bank Helps Roofing, Siding, And Sheet Metal Contractors Company
Sovereign Bank has a track record as a leading provider of SBA loans. Find out how this Massachusetts entrepreneur received an SBA loan from them.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Essex (census Name For Essex C, Massachusetts was able to borrow $200,000 from Sovereign Bank. The SBA made the loan possible by guaranteeing $150,000 of this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: ROOFING, SIDING, AND SHEET METAL CONTRACTORS
ESSEX (CENSUS NAME FOR ESSEX C, MA 01923
SBA Loan Lender
SOVEREIGN BANK
1130 BERKSHIRE BLVD
WYOMISSING, PA 19610
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
235610 - Roofing, Siding, and Sheet Metal Contractors
Loan Approval Date
11/7/2000
Loan Approval Gross Amount
$200,000
Loan Approval from the SBA
Of the total $200,000 loan amount, the SBA guaranteed $150,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing 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 4 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 4 existing jobs.
Getting an SBA Loan For Your Business
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Sovereign Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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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Obtaining Funding - Getting Venture Capital
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