Loan Census Banking News and Information
April 20, 2021  
 
 
  Business Loan Information  
 

We Needed a Small Business Loan in Essex, Massachusetts and We Got One!

 

 
Loan Census SBA Loan Info

Get an SBA Loan for Full-Service Restaurants

Looking for small business loans for full-service restaurants? Talk to a banker who works with the SBA. This $225,000 full-service restaurants loan was issued by a Massachusetts bank.

This company knew how to go about getting a business bank loan. Based in Essex, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Beverly Co-Operative Bank, based in Beverly, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
ESSEX, MA 01929

SBA Loan Lender

BEVERLY CO-OPERATIVE BANK
254 CABOT ST
BEVERLY, MA 01915

This lender issued this debt financing under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/23/2007

Loan Approval Gross Amount

$225,000

Loan Approval from the SBA

Of the total $225,000 loan amount, the SBA guaranteed $168,750.

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 35 employees. The SBA loan application for the borrower indicated that the loan would help retain 35 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.

This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Financing Your Business

Who Lends Money to Small Businesses in Beverly, Massachusetts

Massachusetts SBA 7A Lenders