Newport, Rhode Island Bank Lends Money to Sewing, Needlework, And Piece Goods Stores Company in Middletown (town Of), Rhode Island

Want to talk with a Newport, Rhode Island bank about a business loan? Here's one Rhode Island business loan, issued by a Newport bank, that was approved by the SBA.

Applying for an SBA loan with Banknewport worked out well for our friends at one local firm in Middletown (town Of), Rhode Island. They received an SBA loan for $110,000. Nice!

SBA Loan Borrower

COMPANY TYPE: SEWING, NEEDLEWORK, AND PIECE GOODS STORES
MIDDLETOWN (TOWN OF), RI 02842

SBA Loan Lender

BANKNEWPORT
10 WASHINGTON SQ
NEWPORT, RI 02840

The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

451130 - Sewing, Needlework, and Piece Goods Stores

Loan Approval Date

8/15/2005

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $55,000.

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 3 employees. The loan application indicated that the loan would help generate 2 new jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Banknewport had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Banknewport made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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