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May 3, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Lowell, Business Loans > Enterprise Bank & Trust Lowell Business Loans > Coin-Operated Laundries And Drycleaners Loan | ||||
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I Need an SBA 7A Loan in Lowell, Massachusetts
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Commercial Loans for Coin-Operated Laundries and DrycleanersLooking for commercial loans for coin-operated laundries and drycleaners? Try the SBA. This $100,000 coin-operated laundries and drycleaners loan was issued by a Massachusetts bank. This small business knew how to go about getting a business bank loan. Based in Lowell, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Enterprise Bank & Trust, based in Lowell, Massachusetts. SBA Loan Borrower COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS SBA Loan Lender ENTERPRISE BANK & TRUST This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812310 - Coin-Operated Laundries and Drycleaners Loan Approval Date 4/8/2004 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned 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. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Obtaining Funding - Friends and Family Who Lends Money to Small Businesses in Lowell, Massachusetts
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