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May 2, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Worcester, Business Loans > Bay State Savings Bank Worcester Business Loans > Home Health Care Services Loan | ||||
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Bay State Savings Bank Worcester
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Worcester, Massachusetts Business Gets SBA-Guaranteed Funding from Bay State Savings BankBay State Savings Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Massachusetts entrepreneur was able to get a loan to take a small business to the next level. This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Bay State Savings Bank, out of Worcester, Massachusetts. The loan was granted and they received $75,000 to help grow their Worcester, Massachusetts business. SBA Loan Borrower COMPANY TYPE: HOME HEALTH CARE SERVICES SBA Loan Lender BAY STATE SAVINGS BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. 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. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8082 - Home Health Care Services NAICS Code 621610 - Home Health Care Services Loan Approval Date 6/25/2003 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $63,750. 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 20 employees. This SBA loan request did not indicate that the company promised to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Bay State Savings Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Good Banks for Small Business in Worcester, Massachusetts Find an SBA Lender in Massachusetts
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