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May 9, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > New Car Dealers Loan | ||||
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Examples of Columbia (columbia Center) SBA Loans
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New Car Dealers Commercial LoansLooking for commercial loans for new car dealers? Talk to a banker who works with the SBA. This $53,800 new car dealers loan was issued by a Rhode Island bank. This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $53,800 to help grow their Columbia (columbia Center), Connecticut business. SBA Loan Borrower COMPANY TYPE: NEW CAR DEALERS SBA Loan Lender BANK OF AMERICA This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 441110 - New Car Dealers Loan Approval Date 6/12/2002 Loan Approval Gross Amount $53,800 Loan Approval from the SBA Of the total $53,800 loan amount, the SBA guaranteed $26,900. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 7 employees. The SBA loan documents indicated that the loan would help generate 8 new jobs and retain 15 existing jobs. Getting an SBA Loan For Your Business If you need money to start a small business or need money to grow a business, an SBA loan can be a great source of funding. 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 Bank Of America 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: SBA Participating Banks in Providence, Rhode Island Where to Get an SBA Loan Rhode Island
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