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

Independence Bank Gloucester

 

 
Loan Census SBA Loan Info

Business Loan from Independence Bank Given to Marine Products Company

An SBA loan from Independence Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Gloucester, Massachusetts business owner got a $300,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Gloucester, Massachusetts, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Independence Bank, based in East Greenwich, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: MARINE PRODUCTS
GLOUCESTER, MA 01930

SBA Loan Lender

INDEPENDENCE BANK
1370 S COUNTY TRL
EAST GREENWICH, RI 02818

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This small business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0919 - Marine Products

NAICS Code

114119 - Marine Fishing

Loan Approval Date

12/21/2001

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you 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.

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you need money to buy a business? 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:

Business Cash Advances

Where to Get an SBA Loan in East Greenwich, Rhode Island

Rhode Island SBA 7A Banks