Framingham Online News

Framingham Small Businesses Awarded SBA Loans

Filed under: Business by Randy Harris at 11:55 pm on April 3, 2011
United States Small Business Administration (SBA)

The SBA introduces two new loan programs for small business owners in 2011. See below for more info.

FRAMINGHAM, MA - According to the 2011 Business Loan Detail for Masssachusetts published by the U.S. Small Business Administration, ("SBA"), Framingham business owners have been approved to receive approximately $2.5 Million in SBA backed loans for 2011.

The SBA does not lend money to small businesses -- instead the agency establishes programs and  guidelines and then guarantees repayment of loans made by local commercial lenders to SBA approved small business owners.

Some of the businesses to make the 2011 list include:

  • Installations Plus, Inc.(Flooring Contractor), $100k, approved 10/08/2010.
  • Patruno Landscaping, Inc. (Landscaping Service), $50k, approved 10/29/2010.
  • R & M Realty Trust, (Flooring Contractor), $300k, approved 11/01/2010.
  • Painters Pride, Inc., (Painting and Wall Covering Contractor), $50k, approved 02/07/2011.
  • Partnership Properties LLC, (Real Estate Agents / Brokers), $200k, approved 02/11/2011.
  • PoshOrtho P.C., (Dentist Office), $350k, approved 11/01/2010.
  • International Wine Vault, LLC, (Refrigerated Warehousing and Storage), $461k, approved 11/03/2010.
  • Play It Again Sports, (Sporting Goods Store), $50k, approved 11/04/2010.
  • Next Generation Flooring, LLC, (Building Material Dealer), $30k approved 11/10/2010.
  • C-Q Construction Corp., (New Single-Family Housing Construction), $350k, approved 12/07/2010.
  • North End Treats, Inc., (Limited-Service Restaurant), $50k approved 12/17/2010.
  • Holiday Manufacturing Inc., (Piece Goods, Notions, and Other Dry Goods Merchant Wholesaler), $300k, approved 12/20/2010.
  • RSIG Security-Northeast, Inc., (Security Guards and Patrol Service), $150k approved 02/01/2011.
  • Boston Gourmet Chefs, Inc., (Food Service Contractor), is listed twice, once for $125k and a second time for $225k, both listed as approved 12/28/2010.
  • Newman Enterprises, Inc., (Sign Manufacturer),  is listed twice, once for $55k and a second time for $145k, both listed as approved 12/29/2010.

Local small businesses were not the only ones to make a good showing in SBA lists.  Several Framingham commercial lenders were among the Top 20 banks, (and other types of financial institutions), listed in the SBA Massachusetts District Office, FY 2010 Loan Volume Report, which includes SBA 7(a) loans approved October 1, 2010 through February 28, 2011.

chart - US SBA 7(a) Loans - top Framingham in top MA Lenders

Two Framingham banks are in the top 20 SBA 7(a) lenders, while others in the list are larger banks which have a heavy presence in Framingham.

SBA 7(a) loans cover a wide range of programs from financing working capital, new equipment purchases, business expansion, and several programs for veterans / military families, programs for export oriented manufacturing, and two new programs for 2011.

Introduced on February 15, 2011: the Small Loan Advantage program, and the Community Advantage program offer "a streamlined application process", for SBA 7(a) loans up to $250k.  The loan programs are designed to increase small business opportunity in economically distressed communities and under-served areas.

For more information about SBA Loans and other programs for small business owners, visit the U.S. Small Business Administrationwebsite at: www.sba.gov

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