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April 28, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Salem, Business Loans > Salem Five Cents Savings Bank Salem Business Loans > Lawyers Loan | ||||
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Salem Five Cents Savings Bank
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Salem Five Cents Savings Bank SBA Loan to Lawyers CompanySalem Five Cents Savings Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Massachusetts entrepreneur was able to get a loan to take a small business to the next level. This business knew how to go about getting a business bank loan. Based in Salem, Massachusetts, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Salem Five Cents Savings Bank, based in Salem, Massachusetts. SBA Loan Borrower COMPANY TYPE: LAWYERS SBA Loan Lender SALEM FIVE CENTS SAVINGS BANK This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541110 - Lawyers Loan Approval Date 2/9/2004 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. 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 2 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Salem Five Cents Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Salem Five Cents Savings Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Good Banks for Small Business in Salem, Massachusetts
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