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May 21, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Providence, Business Loans > Bank Rhode Island Providence Business Loans > Glass And Glazing Work Loan | ||||
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Bank Rhode Island Business Loan E. Providence, Rhode Island
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SBA Loan from Bank Rhode Island Helps Glass And Glazing Work CompanyAn SBA loan from Bank Rhode Island typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an E. Providence, Rhode Island business owner got a $500,000 loan. This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Bank Rhode Island, out of Providence, Rhode Island. The loan was granted and they received $500,000 to help grow their E. Providence, Rhode Island business. SBA Loan Borrower COMPANY TYPE: GLASS AND GLAZING WORK SBA Loan Lender BANK RHODE ISLAND This lender issued this commercial loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1793 - Glass and Glazing Work NAICS Code 235920 - Glass and Glazing Contractors Loan Approval Date 10/31/2002 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. 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 50 employees. The SBA loan documents did not indicate that the company planned to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My 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. 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: Best Providence, Rhode Island Banks for Small Business
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