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April 27, 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 > Women's And Girls' Cut And Sew Dress Manufacturing Loan | ||||
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Requirements for Entrepreneurs On Getting a Loan
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Financing for Women's and Girls' Cut and Sew Dress ManufacturingLooking for commercial loans for women's and girls' cut and sew dress manufacturing? An SBA loan may be just what you've been looking for. This $20,000 women's and girls' cut and sew dress manufacturing loan was issued by a Massachusetts bank. This small business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Salem Five Cents Savings Bank, out of Salem, Massachusetts. The loan was granted and they received $20,000 to help grow their Winchester, Massachusetts business. SBA Loan Borrower COMPANY TYPE: WOMEN'S AND GIRLS' CUT AND SEW DRESS MANUFACTURING SBA Loan Lender SALEM FIVE CENTS SAVINGS BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 315233 - Women's and Girls' Cut and Sew Dress Manufacturing Loan Approval Date 9/29/2004 Loan Approval Gross Amount $20,000 Loan Approval from the SBA Of the total $20,000 loan amount, the SBA guaranteed $17,000. 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 did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Salem Five Cents Savings Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Borrowing Money from Friends and Family Good Banks for Small Business in Salem, Massachusetts SBA Participating Banks in Massachusetts
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