Entrepreneur Works With Cranston, Rhode Island Bank to Get an SBA Loan

Thinking about meeting with a Cranston, Rhode Island bank about a small business loan? Here's one Massachusetts business loan, issued by a Cranston bank, that was approved by the SBA.

Applying for an SBA loan with Rbs Citizens worked out well for our friends at one local firm in Hudson, Massachusetts. They received an SBA loan for $350,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: ENGINEERING SERVICES
HUDSON, MA 01749

SBA Loan Lender

RBS CITIZENS
85 SOCKANOSSET CROSS RD
CRANSTON, RI 02920

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8711 - Engineering Services

NAICS Code

541330 - Engineering Services

Loan Approval Date

3/22/2002

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

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 14 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you need business start up money in Hudson MA, you ought to talk with a local Hudson SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Hudson businesses.

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.

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