When a customer receives an SBA Massachusetts loan, the SBA agrees to underwrite up to 85% of the risk from that loan. That leaves the bank with only 15% of the risk, thus making loans to start-up ventures and other small businesses become possible where a traditional loan wouldn’t work.
“About 80% of all jobs come from working in small businesses,”
Depending on the program, a small business loan Massachusetts from the SBA can be used to purchase equipment or real estate, get capital to open a new business, or to help finance an existing business. The SBA 7A loan program is for those seeking less than $350,000. For loans under $150,000, the SBA is currently charging no fees in their Small Advantage Loans (SLA) program.
“With the SBA, there’s a little more paperwork when applying for a small business loan Massachusetts and you have to know all the procedures,”
About Country Bank
Country Bank has been an integral part of the communities it serves since 1850. Today, it is one of the most highly capitalized financial institutions in the Commonwealth of Massachusetts. An independent, full service bank, Country Bank is a mutual financial services institution and therefore doesn’t answer to investors. Instead, they focuson serving customers and the community. With $1.4 billion in assets, Country Bank is larger than most other community banks. As such, they have the resources to provide the latest in financial services and technology while still being able to provide personal services and local decision-making. Country Bank has 14 locations throughout Hampshire, Worcester and Hampden counties. For more information, visit http://www.countrybank.com.