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May 2, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Boston, Business Loans > Sovereign Bank Boston Business Loans > Drugs, Drug Proprietaries, And Druggists' Sundries Loan | ||||
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Sovereign Bank
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North Reading, Massachusetts Business Gets SBA-Guaranteed Funding from Sovereign BankAn SBA loan from Sovereign Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a North Reading, Massachusetts business owner got a $150,000 loan. This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Sovereign Bank, out of Boston, Massachusetts. The loan was granted and they received $150,000 to help grow their North Reading, Massachusetts business. SBA Loan Borrower COMPANY TYPE: DRUGS, DRUG PROPRIETARIES, AND DRUGGISTS' SUNDRIES SBA Loan Lender SOVEREIGN BANK The lender provided this small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. SIC Code 5122 - Drugs, Drug Proprietaries, and Druggists' Sundries NAICS Code 422210 - Drugs and Druggists' Sundries Wholesalers Loan Approval Date 2/28/2000 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $75,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 4 existing jobs. Next Steps for Getting an SBA Loan SBA loans provide money to small business owners for working capital for other expenses. We can help you find the best banks for small businesses in North Reading or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: Small Bank Loans in Boston, Massachusetts Getting an SBA Loan in Massachusetts
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