Massachusetts Entrepreneur Secures Financing to Buy Lapels Franchise

Need a loan to buy a Lapels franchise? Bank Rhode Island has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Dedham, Massachusetts needed money to invest in a Lapels franchise back in 2003. Bank Rhode Island issued an SBA franchise loan. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

LAPELS DRY CLEANING
DEDHAM, MA 02026

SBA Loan Lender

BANK RHODE ISLAND
ONE TURKS HEAD PLACE
PROVIDENCE, RI 02903

This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

9/26/2003

Loan Approval Gross Amount

$13,000

Loan Approval from the SBA

Of the total $13,000 loan amount, the SBA guaranteed $6,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Lapels franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Dedham MA, you ought to talk with a local Dedham SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Dedham businesses.

We can help you find the best banks for small businesses in Dedham or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Lapels

A Company That Helps Entrepreneurs

SBA Participating Banks in Providence, Rhode Island

Browse All Business Loan Sources for Rhode Island