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April 24, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Norwood, Business Loans > Rbs Citizens Norwood Business Loans > Wood Kitchen Cabinet And Countertop Manufacturing Loan | ||||
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Norwood SBA Lenders
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Norwood, Massachusetts Bank Gives SBA Loan to Wood Kitchen Cabinet And Countertop Manufacturing CompanyThinking about meeting with a Norwood, Massachusetts bank about an SBA loan? Here's one Massachusetts business loan, issued by a Norwood bank, that was approved by the SBA. Applying for an SBA loan with Rbs Citizens worked out well for our friends at one local business in Newburyport, Massachusetts. The business was able to get an SBA loan for $5,000. Sweet! SBA Loan Borrower COMPANY TYPE: WOOD KITCHEN CABINET AND COUNTERTOP MANUFACTURING SBA Loan Lender RBS CITIZENS 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 337110 - Wood Kitchen Cabinet and Countertop Manufacturing Loan Approval Date 9/26/2002 Loan Approval Gross Amount $5,000 Loan Approval from the SBA Of the total $5,000 loan amount, the SBA guaranteed $2,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 6 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 6 existing jobs. Next Steps for Getting an SBA Loan For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Find an SBA Lender in Norwood, Massachusetts Browse All Business Loan Sources for Massachusetts
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