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May 15, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Lynn, Business Loans > Eastern Bank Lynn Business Loans > Fresh Fruits And Vegetables Loan | ||||
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How to Get SBA Loans in Wakefield, Massachusetts
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Fresh Fruit and Vegetable Wholesalers Business LoansLooking for business loans for fresh fruit and vegetable wholesalers? Try the SBA. This $139,437 fresh fruit and vegetable wholesalers loan was issued by a Massachusetts bank. Getting a small business loan in Wakefield, Massachusetts was important for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Eastern Bank, operating out of Lynn, Massachusetts. Here are the details on this Massachusetts small business loan. SBA Loan Borrower COMPANY TYPE: FRESH FRUITS AND VEGETABLES SBA Loan Lender EASTERN BANK This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5148 - Fresh Fruits and Vegetables NAICS Code 422480 - Fresh Fruit and Vegetable Wholesalers Loan Approval Date 12/3/2001 Loan Approval Gross Amount $139,437 Loan Approval from the SBA Of the total $139,437 loan amount, the SBA guaranteed $118,521. 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 8 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Best Banks in Lynn, Massachusetts
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