Springfield, Massachusetts Business Gets SBA-Guaranteed Funding from Bank - Western Massachusetts

An SBA loan from Bank - Western Massachusetts typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Springfield, Massachusetts business owner got a $60,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Springfield, Massachusetts was able to borrow $60,000 from Bank - Western Massachusetts. The SBA made the loan possible by guaranteeing $30,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
SPRINGFIELD, MA 01109

SBA Loan Lender

BANK - WESTERN MASSACHUSETTS
1391 MAIN ST, 3RD FL
SPRINGFIELD, MA 01103

The lender provided this SBA 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.

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

4/15/2004

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $30,000.

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 70 employees. The loan application indicated that the loan would help retain 70 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $60,000 loan. Remember, you control your own destiny.

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.

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