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April 25, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Dorchester, Business Loans > Sovereign Bank Dorchester Business Loans > Building Equipment Installation Loan | ||||
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Massachusetts Small Business SBA Loans
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Sovereign Bank Gives Business Loan to Building Equipment Installation CompanyMassachusettsBank loans are available to Massachusetts firms through the SBA. In this case, a Massachusetts bank provides the loan. By giving the right information to Sovereign Bank, this Raynham, Massachusetts business was able to get an SBA loan. To get this loan, the entrepreneur 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: BUILDING EQUIPMENT INSTALLATION SBA Loan Lender SOVEREIGN BANK This business loan was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending background and a thorough understanding of SBA policies and procedures. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1796 - Building Equipment Installation NAICS Code 235950 - Building Equipment and Machinery Installation Contractors Loan Approval Date 10/28/2003 Loan Approval Gross Amount $1,000,000 Loan Approval from the SBA Of the total $1,000,000 loan amount, the SBA guaranteed $750,000. 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 8 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 Sovereign 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: Family and Friend Investors - Your First Financiers SBA 7A Lenders in Dorchester, Massachusetts
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