How to Get a Loan for Lessors of Nonresidential Buildings

Looking for business loans for lessors of nonresidential buildings? An SBA loan may be just what you've been looking for. This $245,000 lessors of nonresidential buildings loan was issued by a Rhode Island bank.

This small business knew how to go about getting a business bank loan. Based in Cumberland, Rhode Island, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Coastway Cu, based in Cranston, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: LESSORS OF NONRESIDENTIAL BUILDINGS
CUMBERLAND, RI 02864

SBA Loan Lender

COASTWAY CU
25 LOVELL AVE
CRANSTON, RI 02920

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

531120 - Lessors of Nonresidential Buildings

Loan Approval Date

1/25/2006

Loan Approval Gross Amount

$245,000

Loan Approval from the SBA

Of the total $245,000 loan amount, the SBA guaranteed $122,500.

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 loan application indicated that the loan would help retain 1 existing job.

Great, But How Can I Get an SBA Loan for My Business?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Coastway Cu so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Getting a Small Business Loan

SBA 7A Lenders in Cranston, Rhode Island

Getting a Business Loan in Rhode Island