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May 2, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > East Greenwich, Business Loans > Independence Bank East Greenwich Business Loans > Drycleaning Plants Loan | ||||
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Business Loans for N. Smithfield Small Business Owners
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Borrowing Money for Drycleaning and Laundry ServicesWith these loans for drycleaning and laundry services, the SBA guarantees the lender that the loan will be repaid. This drycleaning and laundry services loan for $1,000,000 was given to a Rhode Island entrepreneur in 2000. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in N. Smithfield, Rhode Island was able to borrow $1,000,000 from Independence Bank. The SBA made the loan possible by guaranteeing $750,000 of this Rhode Island small business loan. SBA Loan Borrower COMPANY TYPE: DRYCLEANING PLANTS SBA Loan Lender INDEPENDENCE BANK This SBA small business loan was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending history and a thorough understanding of SBA loan requirements. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7216 - Drycleaning Plants NAICS Code 812320 - Drycleaning and Laundry Services Loan Approval Date 3/3/2000 Loan Approval Gross Amount $1,000,000 Loan Approval from the SBA Of the total $1,000,000 loan amount, the SBA guaranteed $750,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 11 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 $1,000,000 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: Banks in East Greenwich, Rhode Island
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