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May 3, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Providence, Business Loans > Minority Invest Devel Corp. Providence Business Loans > Eating Places Loan | ||||
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Rhode Island Bank SBA Loans
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Minority Invest Devel Corp. SBA Loan to Eating Places CompanyWant a Rhode Island business loan? Here's one Rhode Island business loan that was approved by the SBA. This local small business knew how to go about getting a business bank loan. Based in Providence, Rhode Island, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Minority Invest Devel Corp., based in Providence, Rhode Island. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender MINORITY INVEST DEVEL CORP. 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 5812 - Eating Places Loan Approval Date 5/1/2000 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $24,000. 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. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Minority Invest Devel Corp. that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Find an SBA Lender in Providence, Rhode Island
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