SBA Loan from Sovereign Bank Helps Glass Products, Made Of Purchased Glass Company

Sovereign Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Rhode Island entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in E. Providence, Rhode Island was an essential business goal for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Sovereign Bank, operating out of New Bedford, Massachusetts. Here are the details on this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: GLASS PRODUCTS, MADE OF PURCHASED GLASS
E. PROVIDENCE, RI 02915

SBA Loan Lender

SOVEREIGN BANK
ONE COMPASS PLACE
NEW BEDFORD, MA 02740

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA bank loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3231 - Glass Products, Made of Purchased Glass

NAICS Code

327215 - Glass Product Manufacturing Made of Purchased Glass

Loan Approval Date

8/17/2004

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 31 employees. The SBA loan documents did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Sovereign Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Obtaining Funding - How to Borrow Money

SBA 7A Lenders in New Bedford, Massachusetts

Browse All Business Loan Sources for Massachusetts