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April 29, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Wyomissing, Business Loans > Sovereign Bank Wyomissing Business Loans > Steel Wire Drawing Loan | ||||
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Sovereign Bank Business Loan
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Sovereign Bank SBA Loan to Steel Wire Drawing CompanyAn SBA loan from Sovereign Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Cumberland Hill, Rhode Island business owner got a $150,000 loan. Getting a small business loan in Cumberland Hill, Rhode Island was an essential business goal for this firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Sovereign Bank, operating out of Wyomissing, Pennsylvania. Here are the details on this Rhode Island small business loan. SBA Loan Borrower COMPANY TYPE: STEEL WIRE DRAWING SBA Loan Lender SOVEREIGN BANK The lender provided this debt financing through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 331222 - Steel Wire Drawing Loan Approval Date 11/7/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $75,000. 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 8 employees. The SBA loan application for the borrower indicated that the loan would help retain 8 existing jobs. Getting an SBA Loan For Your Business Many small businesses receive loans backed by the U.S. Small Business Administration. If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Sovereign Bank 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: SBA Banks in Wyomissing, Pennsylvania
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