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May 18, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Westerly, Business Loans > Washington Tr Co - Westerly Westerly Business Loans > Finfish Fishing Loan | ||||
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Westerly Bank Loan
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Westerly, Rhode Island Bank Lends Money to Finfish Fishing Company in Wakefield, Rhode IslandThinking about meeting with a Westerly, Rhode Island bank about a business loan? Here's one Rhode Island business loan, issued by a Westerly bank, that was approved by the SBA. Applying for an SBA loan with Washington Tr Co - Westerly worked out well for our friends at one local company in Wakefield, Rhode Island. They received an SBA loan for $50,000. Sweet! SBA Loan Borrower COMPANY TYPE: FINFISH FISHING SBA Loan Lender WASHINGTON TR CO - WESTERLY 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 business loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 114111 - Finfish Fishing Loan Approval Date 1/17/2008 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $37,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: SBA Approved Banks in Westerly, Rhode Island
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