SBA Loan from Commerce Bank & Trust Company Helps Coin-Operated Laundries And Drycleaning Company

An SBA loan from Commerce Bank & Trust Company typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Worcester, Massachusetts business owner got a $101,250 loan.

Getting a small business loan in Worcester, Massachusetts was an essential business goal for this company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Commerce Bank & Trust Company, operating out of Worcester, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
WORCESTER, MA 01605

SBA Loan Lender

COMMERCE BANK & TRUST COMPANY
386 MAIN ST
WORCESTER, MA 01608

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program is quick, requiring 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

7215 - Coin-Operated Laundries and Drycleaning

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

2/2/2000

Loan Approval Gross Amount

$101,250

Loan Approval from the SBA

Of the total $101,250 loan amount, the SBA guaranteed $75,937.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need business start up money in Worcester MA, you ought to talk with a local Worcester SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Worcester businesses.

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.

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