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April 28, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Providence, Business Loans > Washington Tr Co - Westerly Providence Business Loans > Physical Fitness Facilities Loan | ||||
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How to Get a Business Loan from Washington Tr Co - Westerly
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Business Loan from Washington Tr Co - Westerly Given to Physical Fitness Facilities CompanyWashington Tr Co - Westerly is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Rhode Island entrepreneur who tapped into the power of SBA loans. This business knew how to go about getting a business bank loan. Based in Newport, Rhode Island, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Washington Tr Co - Westerly, based in Providence, Rhode Island. SBA Loan Borrower COMPANY TYPE: PHYSICAL FITNESS FACILITIES SBA Loan Lender WASHINGTON TR CO - WESTERLY This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7991 - Physical Fitness Facilities NAICS Code 713940 - Fitness and Recreational Sports Centers Loan Approval Date 2/26/2002 Loan Approval Gross Amount $138,400 Loan Approval from the SBA Of the total $138,400 loan amount, the SBA guaranteed $117,640. 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 only one employee. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Washington Tr Co - Westerly and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Small Bank Loans in Providence, Rhode Island
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