Bank Loans for Clothing Stores

With these bank loans for clothing stores, the SBA guarantees the lender that the loan will be repaid. This clothing stores loan for $89,100 was given to a Connecticut entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Danielson, Connecticut was able to borrow $89,100 from Bank Of America. The SBA made the loan possible by guaranteeing $44,550 of this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: CLOTHING STORES
DANIELSON, CT 06239

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

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

448190 - Clothing Stores

Loan Approval Date

10/21/2002

Loan Approval Gross Amount

$89,100

Loan Approval from the SBA

Of the total $89,100 loan amount, the SBA guaranteed $44,550.

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 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Borrowing Money from Friends and Family

SBA Banks in Providence, Rhode Island

SBA Lenders in Rhode Island