Somerville, Massachusetts Lender Lends Money to Foundation, Structure, And Building Exterior Contractors Company
A Somerville, Massachusetts SBA loan can be yours. Learn how a company got a $50,000 business loan from this Massachusetts bank.
This loan to an entrepreneur is a good example of an SBA loan. Century Bank And Trust Company made the loan and the SBA guaranteed a portion of the loan. Many other Massachusetts entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.
SBA Loan Borrower
COMPANY TYPE: FOUNDATION, STRUCTURE, AND BUILDING EXTERIOR CONTRACTORS
STONEHAM (TOWN OF), MA 02180
SBA Loan Lender
CENTURY BANK AND TRUST COMPANY
102 FELLSWAY WEST
SOMERVILLE, MA 02145
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
238190 - Foundation, Structure, and Building Exterior Contractors
Loan Approval Date
9/22/2005
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $25,000.
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 3 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 3 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
Many small businesses receive loans backed by the U.S. Small Business Administration.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Century Bank And Trust Company had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Century Bank And Trust Company 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:
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Where to Get an SBA Loan in Somerville, Massachusetts
Getting an SBA Loan in Massachusetts