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April 26, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Sacramento, Business Loans > Comerica Bank Sacramento Business Loans > General Merchandise Stores Loan | ||||
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Newburyport, Massachusetts Bank Loan
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Newburyport, Massachusetts Entrepreneur Gets a Bank LoanMassachusettsSmall business loans are available to Massachusetts small business owners through the SBA. In this case, a California bank provides the loan. By giving the right information to Comerica Bank, this Newburyport, Massachusetts business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: GENERAL MERCHANDISE STORES SBA Loan Lender COMERICA BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide loans to to our country's hard-working small business owners. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 452990 - General Merchandise Stores Loan Approval Date 1/21/2005 Loan Approval Gross Amount $121,500 Loan Approval from the SBA Of the total $121,500 loan amount, the SBA guaranteed $103,275. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Comerica Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Who Lends Money to Small Businesses in Sacramento, California
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