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May 12, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Milford, Business Loans > Milford National Bank & Trust Milford Business Loans > Eating Places Loan | ||||
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Upton SBA Loan from Milford National Bank & Trust
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Milford National Bank & Trust SBA Loan to Eating Places CompanyMilford National Bank & Trust has a track record as a leading provider of SBA loans. Find out how this Massachusetts entrepreneur received an SBA loan from them. Getting a small business loan in Upton, Massachusetts was an essential business goal for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Milford National Bank & Trust, operating out of Milford, Massachusetts. Here are the details on this Massachusetts small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender MILFORD NATIONAL BANK & TRUST This lender issued this particular commercial 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. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 12/30/2002 Loan Approval Gross Amount $140,000 Loan Approval from the SBA Of the total $140,000 loan amount, the SBA guaranteed $119,000. 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 3 employees. The SBA loan documents did not indicate that the small business promised to use the funding to increase staffing levels 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. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: SBA 7A Banks in Milford, Massachusetts
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