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May 10, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Automotive Services Loan | ||||
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Rhode Island Bank SBA Loans
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Bank Of America SBA Loan to Automotive Services CompanyLooking to get a Rhode Island small business loan? Here's one Rhode Island business loan that was approved by the SBA. This growing firm needed an SBA business loan in Lincoln (br. P.O.), Rhode Island back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Bank Of America, operating out of Providence, Rhode Island. Here are the details on this Rhode Island small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE SERVICES SBA Loan Lender BANK OF AMERICA 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. SIC Code 7549 - Automotive Services Loan Approval Date 3/13/2000 Loan Approval Gross Amount $39,200 Loan Approval from the SBA Of the total $39,200 loan amount, the SBA guaranteed $19,600. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 4 existing jobs. Next Steps for Getting an SBA Loan Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 Participating Banks in Providence, Rhode Island
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