Lexington, Massachusetts Business Gets SBA-Guaranteed Funding from Unity Bank

Unity Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Massachusetts entrepreneur who tapped into the power of SBA loans.

Caraval Corporation knew how to go about getting a business bank loan. Based in Lexington, Massachusetts, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Unity Bank, based in Clinton, New Jersey.

SBA Loan Borrower

Caraval Corporation
11 Grandview Avenue
Lexington, MA 02421

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453210 - Office Supplies and Stationery

Loan Approval Date

6/20/2007

Loan Approval Gross Amount

$184,000

Loan Approval from the SBA

Of the total $184,000 loan amount, the SBA guaranteed $138,000.

More Information on This SBA Loan

The borrower, Caraval Corporation, 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 no employees. The loan application indicated that the borrowed money would help create 4 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

If Caraval Corporation can get an SBA loan, there's no reason you can't 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 SBA loan database.

Related Links:

Business Incubators

Best Banks for Small Business in Clinton, New Jersey

SBA Participating Banks in New Jersey

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