North Kingstown (local Name Wi, Rhode Island Business Gets SBA-Guaranteed Funding from Bank Rhode Island
Bank Rhode Island has a track record as a leading provider of SBA loans. Find out how this Rhode Island entrepreneur received an SBA loan from them.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Kingstown (local Name Wi, Rhode Island was able to borrow $179,000 from Bank Rhode Island. The SBA made the loan possible by guaranteeing $134,250 of this Rhode Island small business loan.
SBA Loan Borrower
COMPANY TYPE: LESSORS OF MINIWAREHOUSES AND SELF-STORAGE UNITS
NORTH KINGSTOWN (LOCAL NAME WI, RI 02852
SBA Loan Lender
BANK RHODE ISLAND
ONE TURKS HEAD PLACE
PROVIDENCE, RI 02903
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
531130 - Lessors of Miniwarehouses and Self-Storage Units
Loan Approval Date
2/12/2004
Loan Approval Gross Amount
$179,000
Loan Approval from the SBA
Of the total $179,000 loan amount, the SBA guaranteed $134,250.
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 retain 3 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.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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:
Determining Proper Capital Structure for a Business
SBA Banks in Providence, Rhode Island
Getting a Business Loan in Rhode Island