Raising Money for Used Merchandise Stores

With these bank loans for used merchandise stores, the SBA guarantees the lender that the loan will be repaid. This used merchandise stores loan for $60,000 was given to a Rhode Island entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Providence, Rhode Island was able to borrow $60,000 from Washington Tr Co - Westerly. The SBA made the loan possible by guaranteeing $51,000 of this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: USED MERCHANDISE STORES
NORTH PROVIDENCE, RI 02911

SBA Loan Lender

WASHINGTON TR CO - WESTERLY
180 WASHINGTON ST
PROVIDENCE, RI 02903

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5932 - Used Merchandise Stores

NAICS Code

453310 - Used Merchandise Stores

Loan Approval Date

12/12/2003

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

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 2 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are interested in getting money to start a business or need money for an existing business, an SBA loan can be a great way to raise money

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:

How to Raise Money

SBA 7A Banks in Providence, Rhode Island

SBA Lenders in Rhode Island