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April 25, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Dorchester, Business Loans > Sovereign Bank Dorchester Business Loans > Precision Turned Product Manufacturing Loan | ||||
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SBA Lenders in E. Providence
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SBA Loan from Sovereign Bank Helps Precision Turned Product Manufacturing CompanyAn SBA loan from Sovereign Bank 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 $10,000 loan. Getting a small business loan in E. Providence, Rhode Island was an essential business goal for this firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Sovereign Bank, operating out of Dorchester, Massachusetts. Here are the details on this Rhode Island small business loan. SBA Loan Borrower COMPANY TYPE: PRECISION TURNED PRODUCT MANUFACTURING SBA Loan Lender SOVEREIGN BANK 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 332721 - Precision Turned Product Manufacturing Loan Approval Date 10/27/2004 Loan Approval Gross Amount $10,000 Loan Approval from the SBA Of the total $10,000 loan amount, the SBA guaranteed $5,000. 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 4 employees. This SBA loan request 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? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $10,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: Good Banks for Small Business in Dorchester, Massachusetts
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