Fall River, Massachusetts Business Gets SBA-Guaranteed Funding from Bankfive
Bankfive and the SBA work together to get business loans for growing small businesses. Here's an example of how a Massachusetts entrepreneur was able to get a loan to take a small business to the next level.
This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Bankfive, out of Fall River, Massachusetts. The loan was granted and they received $34,000 to help grow their Fall River, Massachusetts business.
SBA Loan Borrower
COMPANY TYPE: ADMINISTRATION OF AIR AND WATER RESOURCE AND SOLID WASTE PROGRAMS
FALL RIVER, MA 02723
SBA Loan Lender
BANKFIVE
79 N MAIN ST
FALL RIVER, MA 02720
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
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
924110 - Administration of Air and Water Resource and Solid Waste Programs
Loan Approval Date
3/30/2006
Loan Approval Gross Amount
$34,000
Loan Approval from the SBA
Of the total $34,000 loan amount, the SBA guaranteed $17,000.
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 only one employee. The loan application indicated that the loan would help generate 1 new job and retain 1 existing job.
Next Steps for Getting an SBA Loan
Many small businesses receive loans backed by the U.S. Small Business Administration.
If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Bankfive so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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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